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from the date notice is mailed by Beneficiary to Trustor that the insurance carrier offers to settle <br />a claim for insurance benefits, Beneficiary is authorized to collect and apply the insurance <br />proceeds at Beneficiary's option either to restoration or repair of the Property or to the sums <br />secured by this Deed of Trust <br />7.15 Release, Extension, Modification. At any time and from time to time, without <br />liability therefor and without notice, upon written request of Beneficiary and presentation of this <br />Deed of Trust and the Note for endorsement, Trustee may release or reconvey all or any part of <br />the Property, consent to the making of any map or plat of the Land or part thereof, join in <br />granting any easement or creating any restriction affecting the Property, or join in any extension <br />agreement or other agreement affecting the lien or charge hereof. At any time and from time to <br />time, without liability therefor and without notice, Beneficiary may (i) release any person liable <br />for payment of any Secured Obligation, (ii) extend the time for payment or otherwise alter the <br />terms of payment of any Secured Obligation; (iii) accept additional real or personal property of <br />any kind as security for any Secured Obligation, or (iv) substitute or release any property <br />securing the Secured Obligations. <br />7.16 Reconveyqnce. Upon written request of Beneficiary stating that all of the Secured <br />Obligations have been satisfied in full, and upon surrender of this Deed of Trust, and the Note, <br />Trustee shall reconvey, without warranty, the Property or so much of it as is then held under this <br />Deed of Trust. The recitals in any reconveyance executed under this Deed of Trust of any <br />matters or facts shall be conclusive proof of the truthfulness thereof. Trustor shall pay all fees of <br />Trustee and all recordation fees related to such reconveyance. <br />7.17 Cure; Protection of Security. Beneficiary may cure any breach or default of <br />Trustor, and if it chooses to do so in connection with any such cure, Beneficiary may also enter <br />the Property and/or do any and all other things which it may in its reasonable discretion consider <br />necessary and appropriate to protect the security of this Deed of Trust. Such other things may <br />include: appearing in and/or defending any action or proceeding which purports to affect the <br />security of, or the rights or powers of Beneficiary or Trustee under, this Deed of Trust; paying, <br />purchasing, contesting or compromising any encumbrance, charge, lien or claim of lien which in <br />Beneficiary's sole judgment is or may be senior in priority to this Deed of Trust, such judgment <br />of Beneficiary to be conclusive as among Beneficiary, Trustee and Trustor; obtaining insurance <br />and/or paying any premiums or charges for insurance required to be carried hereunder; otherwise <br />caring for and protecting any and all of the Property; and/or employing counsel, accountants, <br />contractors and other appropriate persons to assist Beneficiary. Beneficiary may take any of the <br />actions permitted under this Section 7.17 either with or without giving notice, except for notices <br />required under applicable law. Any amounts disbursed by Beneficiary pursuant to this paragraph <br />shall become additional indebtedness secured by this Deed of Trust. <br />Default and Remedies. <br />8.1 Events of Default. Trustor acknowledges and agrees that an Event of Default <br />shall occur under this Deed of Trust upon the occurrence of any one or more of the following <br />events: <br />a. Beneficiary's declaration of an Event of Default under any City <br />12 <br />