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Grantor with respect to the Collateral are collectively referred to as the "Impositions." If requested by Beneficiary, <br /> Grantor shall furnish Beneficiary with receipts from the appropriate taxing authority or other proof satisfactory to <br /> Beneficiary that all Impositions have been paid on or before the date upon which they become delinquent. <br /> 6.4 Liens, Charges and Encumbrances. Grantor shall not encumber or permit the <br /> encumbrance of the Collateral without Beneficiary's prior written consent and Grantor shall immediately discharge any <br /> lien on the Collateral to which Beneficiary has not consented in writing. Grantor shall pay or cause to be paid when <br /> due all obligations secured by or reducible to liens and encumbrances that shall now or hereafter encumber or appear <br /> to encumber the Collateral or any part thereof, all claims for work or labor performed, or materials or supplies <br /> furnished, in connection with any work upon the Project,whether the lien,charge or encumbrance is or would be senior <br /> or subordinate to this Deed of Trust; provided, however, that Grantor shall not be in default hereunder due to any such <br /> lien, charge, or encumbrance that is a Permitted Exception. Beneficiary hereby expressly reserves the right to <br /> advance any and all funds necessary to cure any and all such obligations, and/or claims. <br /> 6.5 Required Insurance. Grantor shall maintain insurance coverages in effect with respect <br /> to the Collateral in accordance with the insurance requirements of Beneficiary set forth in the Loan Agreement or <br /> otherwise provided by Beneficiary to Grantor in writing prior to the closing of the Loan, as such requirements may be <br /> updated by from time to time by Beneficiary. Each insurance policy shall be with a company and in a form acceptable <br /> to Beneficiary, as determined by Beneficiary in its reasonable discretion, and shall name Beneficiary as an additional <br /> insured. <br /> 6.6 Insurance and Condemnation Proceeds. <br /> 6.6.1 Payment to Beneficiary. Grantor hereby absolutely and irrevocably assigns <br /> to Beneficiary, and authorizes the payor to pay to Beneficiary,the following claims,causes of action, awards, payments <br /> and rights to payment,together with all interest that may accrue thereon(collectively,the"Claims"): <br /> 6.6.1.1 Condemnation Awards. All awards of damages and all other <br /> compensation payable directly or indirectly because of a condemnation,proposed condemnation, or taking for public or <br /> private use that affects all or part of the Collateral or any interest in it; <br /> 6.6.1.2 Warranty Claims. All awards, claims, and causes of action <br /> arising out of any warranty affecting all or any part of the Collateral, or for damage or injury to or decrease in value of <br /> all or part of the Collateral or any interest in it;and <br /> 6.6.1.3 Insurance Proceeds. All proceeds of any insurance policies <br /> payable because of damage or loss sustained to all or part of the Collateral. <br /> 6.6.2 Notice to Beneficiary. Grantor shall immediately notify Beneficiary in writing <br /> if: (i)any damage occurs or any injury or loss is sustained to all or part of the Collateral, whether or not covered by <br /> insurance or warranty, or any action or proceeding relating to any such damage, injury, or loss is commenced; or <br /> (ii)any offer is made, or any action or proceeding is commenced, that relates to any actual or proposed condemnation <br /> or taking of all or part of the Collateral. <br /> 6.6.3 Pursuit of Claims. Grantor shall pursue recovery of all such Claims and <br /> defend its rights under any proceeding for condemnation of the Collateral or any part thereof and prosecute the same <br /> with due diligence to its final disposition, and shall cause any awards or settlements to be paid over to Beneficiary for <br /> disposition pursuant to the terms of this Deed of Trust. Beneficiary may, at Beneficiary's option and in Beneficiary's <br /> sole discretion, as attorney-in-fact for Grantor, make proof of loss and adjust and compromise any Claims,appear in or <br /> prosecute any action or proceeding to enforce the Claims, or participate in any action or proceeding relating to <br /> condemnation or taking of all or part of the Collateral, and may join Grantor in adjusting any loss covered by insurance. <br /> Everett Deed of Trust—Lot 1 Page 8 <br /> ND:19652.017 4822-1832-5829v1 <br />