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44?76460 <br />necessary to comply with, and in accordance with, all Hazardous Materials Laws. <br />The term "Hazardous Materials" includes, without limitation, any flammable <br />explosives, radioactive materials, hazardous materials, hazardous wastes, hazardous or <br />toxic substances, or related materials defined in the Comprehensive Environmental <br />Response, Compensation and Liability Act of 1980, as amended (42 U.S.C. §9601 e <br />,sect.), the Hazardous Materials Transportation Act, as amended (49 U.S.C. §1801 g� <br />seq.), the Resource Conservation and Recovery Act of 1976, as amended (42 U.S.C. <br />§6901 cl .tq.), Section 25117 of the California Health & Safety Code, Section <br />25316 of the California Health &_ Safety Code, and in the regulations adopted and <br />publications promulgated pursuant to them, or any other federal, state, or local <br />environmental laws, ordinances, rules, or regulations concerning the environment, <br />industrial hygiene or public health or safety now in effect or enacted after this date, <br />but excludes materials used in compliance with the law in the construction and <br />operation of the Project. <br />3. Charges: Liens. Trustor shall pay at least ten days before delinquency <br />all taxes and assessments affecting the Property, including assessments on <br />appurtenant water stock; when due, all encumbrances, charges, and liens, with <br />interest, on the Property or any part thereof, which appear to be prior or superior <br />hereto; all costs, fees, and expenses of this Trust. Trustor shall give prompt notice to <br />Beneficiary of any default under any mortgage, deed of trust or other security <br />agreement with a lien on the Property. <br />4. Hazard Insurance. Trustor shall keep the improvements and personal <br />property now existing or hereafter erected on the Property insured against loss by fire, <br />vandalism and malicious mischief by a policy of standard fire and extended all-risk <br />insurance. The policy shall be written on a full replacement value basis. <br />Subject to the rights of senior mortgagees, the insurance policy shall be issued <br />in the name of the Trustor and the Beneficiary, as their interests appear. The <br />insurance policy shall contain an endorsement which provides that any proceeds shall <br />be disbursed and used to repair or rebuild any such improvements so damaged or <br />destroyed. <br />The full replacement value of the improvements to be insured hereunder shall <br />be determined by the company issuing the policy at the time the policy is initially <br />obtained. Not more frequently than once every two (2) years, either the Trustor or <br />the Beneficiary shall have the right to notify the other party that it elects to have the <br />replacement value redetermined by the insurance company. <br />3 <br />