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Beneficiary will require Grantor to acquire title insurance for the sum of Grantor's purchase price of the <br />Property. All policies shall be held by the City, and be in such companies as the City may approve and <br />have loss payable first to the City, as its interest may appear, and then to the Grantor. Except as otherwise <br />set forth in the Agreement or the Note, the amount collected under any insurance policy may be applied <br />to any indebtedness hereby secured in such order as the Beneficiary shall determine. Such application by <br />the Beneficiary shall not cause discontinuance of any proceedings to foreclose this Deed of Trust. In the <br />event of foreclosure, all rig�ts of the Grantor in insurance policies then in force shall pass to the purchaser <br />at the foreclosure sale. <br />4.To defend any action or proceeding purporting to affect the security hereof or the rights or <br />powers of Beneficiary or Trustee, and to pay all costs and expenses, including the cost of title search and <br />attorneys' fees in a reasonable amount, in any such action or proceeding, and in any suit brought by the <br />Beneficiary to foreclose this Deed of Trust. <br />5.To pay all costs, fees and expenses in connection with this Deed of Trust, including the expenses <br />of the Trustee incurred in enforcing the obligations secured hereby and Trustee's and attorneys' fees <br />actually incurred, as provided by statute. <br />6.Should Grantor fail to pay when due any taxes, assessments, insurance premiums, liens, <br />encumbrances or other charges against the Property hereinabove described, Beneficiary may pay the <br />same, and the amount so paid, with interest at the rate set forth in the Note secured hereby, shall be <br />added to and become a part of the debt secured in this Deed of Trust. <br />IT IS MUTUALLY AGREED THAT: <br />1.Except as otherwise set forth in the Loan Agreement or the Note, in the event any portion of <br />the Property is taken or damaged in an eminent domain proceeding, the entire amount of the award or <br />such portion as may be necessary to fully satisfy the obligation secured hereby, shall be paid to Beneficiary <br />to be applied to said obligation. <br />2.By accepting payment of any sum secured hereby after its due date, Beneficiary does not waive <br />its right to require prompt payment when due of all other sums so secured or to declare default for failure <br />to so pay. <br />3.The Trustee shall reconvey all or any part of the Property covered by this Deed of Trust to the <br />person entitled thereto on written request of the Grantor and the Beneficiary, or upon satisfaction of the <br />obligation secured and written request for reconveyance made by the Beneficiary or the person entitled <br />thereto. <br />4.Upon default by Grantor in the payment of any indebtedness secured hereby or in the <br />performance of any agreement contained herein, after any applicable cure period has expired without <br />the correction of the default, all sums secured hereby shall immediately become due and payable in <br />accordance with the Loan Documents (at the option of the City). In such event and upon written request <br />of Beneficiary, Trustee shall sell the trust Property, in accordance with the Deed of Trust Act of the State <br />of Washington, at public auction to the highest bidder. Any person except Trustee may bid at Trustee's <br />sale. Trustee shall apply the proceeds of the sale as follows: (1) to the expense of the sale, including a <br />reasonable Trustee's fee and attorneys' fee; (2) to the obligation secured by this Deed of Trust; and (3) <br />the surplus, if any, shall be distributed to the persons entitled thereto. <br />D-2