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Trust. Trustor shall give prompt notice to Beneficiary of any default under any mortgage, <br />deed of trust or other security agreement with a lien on the Property. <br />Hazard Insurance. Trustor shall keep the improvements and personal property now <br />existing or hereafter erected on the Property insured against loss by fire, vandalism and <br />malicious mischief by a policy of standard fire and extended all-risk insurance. The policy <br />shall be written on a full replacement value basis. <br />Subject to the rights of senior mortgagees, the insurance policy shall be issued in the <br />name of the Trustor and the Beneficiary, as their interests appear. The insurance policy <br />shall contain an endorsement which provides that any proceeds shall be disbursed and <br />used to repair or rebuild any such improvements so damaged or destroyed. <br />The full replacement value of the improvements to be insured hereunder shall be <br />determined by the company issuing the policy at the time the policy is initially obtained. <br />Not more frequently than once every two (2) years, either the Trustor or the Beneficiary <br />shall have the right to notify the other party that it elects to have the replacement value <br />redetermined by the insurance company. <br />The insurance policy shall be issued by an insurance company authorized to do business <br />in the State of California with a financial rating of at least A VII status as rated in the most <br />recent edition of Best's Key Rating Guide. The policy shall contain an endorsement <br />requiring thirty (30) days written notice from the insurance company to both parties before <br />cancellation. <br />5. Defense of Security. Trustor agrees to appear in and defend any action or proceeding <br />purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; <br />and to pay all costs and expenses, including cost of evidence of title and attorneys' fees in <br />a reasonable sum, in any such action or proceeding in which Beneficiary or Trustee may <br />appear. <br />6. Reimbursement of Costs. Trustor agrees to pay immediately and without demand all sums <br />expended by Beneficiary or Trustee pursuant to the provisions hereof, with interest from <br />date of expenditure at the amount allowed by law in effect at the date hereof. <br />Right to Cure. Should Trustor fail to make any payment or to do any act as herein <br />provided, then Beneficiary or Trustee, but without obligation so to do and without notice to <br />or demand upon Trustor and without releasing Trustor from any obligation hereof, may <br />make or do the same in such manner and to such extent as either may deem necessary to <br />protect the security hereof, Beneficiary or Trustee being authorized to enter upon said <br />property for such purposes; appear in and defend any action or proceeding purporting to <br />affect the security hereof or the rights or powers of Beneficiary or Trustee; pay, purchase, <br />contest, or compromise any encumbrance, charge, or lien which in the judgment of either <br />appears to be prior or superior hereto; and, in exercising any such powers, or in enforcing <br />this Deed of Trust by judicial foreclosure, pay necessary expenses, employ counsel, and <br />pay reasonable attorneys' fees. Beneficiary may make or cause to be made reasonable <br />entries upon and inspections of the Property, provided that Beneficiary shall give Trustor <br />3 <br />