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casualty, fire, hazards included within the term "extended coverage,"and such other <br /> hazards as Lender may require and in such amounts and for such periods as Lender may <br /> require. <br /> The insurance carrier providing the insurance shall be chosen by Borrower <br /> subject to approval by Lender; provided that such approval shall not be unreasonably <br /> withheld. All premiums on insurance policies shall be paid in the manner provided under <br /> Section 2 hereof or, if not paid in such manner, by Borrower making payment when due <br /> directly to the insurance earner. <br /> All insurance policies and renewals thereof shall be in form acceptable to Lender <br /> and shall include a standard mortgage clause in favor of and in form acceptable to <br /> Lender. Subject to the rights of the holder of a prior deed of trust, Lender shall have <br /> the right to hold the policies and renewals thereof, and Borrower shall promptly furnish <br /> to Lender all renewal notices and all receipts of paid premiums. In the event of loss, <br /> Borrower shall give prompt notice to the insurance carrier and Lender. Lender may <br /> make proof of loss if not made promptly by Borrower. <br /> Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall <br /> be applied to restoration or repair of the Property damaged, provided such restoration or <br /> repair is economically feasible and the security of this Deed of Trust is not thereby <br /> impaired. If such restoration or repair is not economically feasible or if the security of <br /> this Deed of Trust would be impaired, the insurance proceeds shall be treated as if <br /> received from a sale of the Property, or, of that part of the Property damaged and shall <br /> be applied, in the manner described in Section 11 herein below, to the sums secured by <br /> this Deed of Trust. If the Property is abandoned by Borrower, or if Borrower fails to <br /> respond to Lender within 30 days from the date notice is mailed by Lender to Borrower <br /> that the insurance carrier offers to settle a claim for insurance benefits, Lender is <br /> authorized to collect and apply the insurance proceeds at Lender's option either to <br /> restoration or repair of the Property or to the sums secured by this Deed of Trust. <br /> If under Section 20 hereof the Property is acquired by Lender, all right, title and <br /> interest of Borrower in and to any insurance policies and in and to the proceeds thereof <br /> resulting from damage to the Property prior to the sale or acquisition shall pass to <br /> Lender to the extent of the sums secured by this Deed of Trust, subject to the deeds of <br /> trust of senior lenders. <br /> 8. Preservation and Maintenance of Property. Borrower shall keep the Property <br /> in good repair and shall not commit waste or permit impairment or deterioration of the <br /> Property. <br /> 9. Protection of Lender's Security. If Borrower fails to perform the covenants <br /> and agreements contained in this Deed of Trust, or if any action or proceeding is <br /> commenced which materially affect Lender's interest in the Property, including, but not <br /> limited to, default on or foreclosure of a prior deed of trust, eminent domain, insolvency, <br /> code enforcement, or arrangements or proceedings involving a bankrupt or decedent, <br /> 4 <br />