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101 forfeiture of the Property or any part thereof, only upon Borrower making ail such contested payments <br /> 102 and other payments as ordered by the court to the registry of the court in which such proceedings are <br /> 103 filed. <br /> 104 7. Property Insurance. Borrower shall keep the improvements now existing or <br /> 105 hereafter erected on the Property insured against loss by fire or hazards included within the term <br /> 106 "extended coverage"in an amount at least equal to the lesser of(a)the insurable value of the <br /> 107 Property or(b)an amount sufficient to pay the sums secured by this Deed of Trust as well as any prior <br /> 108 encumbrances on the Property. All of the foregoing shall be known as"Property Insurance," <br /> 109 The insurance carrier providing the insurance shall be qualified to write Property Insurance in <br /> 110 Colorado and shall be chosen by Borrower subject to Lender's right to reject the chosen carrier for <br /> 111 reasonable cause.All insurance policies and renewals thereof shall include a standard mortgage <br /> 112 clause in favor of Lender, and shall provide that the insurance carrier shall notify Lender at least ten <br /> 113 (10)days before cancellation,termination or any material change of coverage. Insurance policies shall <br /> 114 be furnished to Lender at or before closing. Lender shall have the right to hold the policies and <br /> 115 renewals thereof. <br /> 116 In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. <br /> 117 Lender may make proof of loss if not made promptly by Borrower. <br /> 118 Insurance proceeds shall be applied to restoration or repair of the Property damaged, <br /> 119 provided said restoration or repair is economically feasible and the security of this Deed of Trust is not <br /> 120 thereby impaired. If such restoration or repair is not economically feasible or if the security of this <br /> 121 Deed of Trust would be impaired, the insurance proceeds shall be applied to the sums secured by this <br /> 122 Deed of Trust,with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if <br /> 123 Borrower fails to respond to Lender within 30 days from the date notice is given in accordance with <br /> 124 paragraph 16 (Notice)by Lender to Borrower that the insurance carrier offers to settle a claim for <br /> 125 insurance benefits, Lender is authorized to collect and apply the insurance proceeds, at Lender's <br /> 126 option, either to restoration or repair of the Property or to the sums secured by this Deed of Trust. <br /> 127 Any such application of proceeds to principal shall not extend or postpone the due date of the <br /> 128 installments referred to in paragraphs 4 (Payment of Principal and Interest)and 23(Escrow Funds for <br /> 129 Taxes and Insurance)or change the amount of such installments. Notwithstanding anything herein to <br /> 130 the contrary, if under paragraph 18 (Acceleration; Foreclosure; Other Remedies)the Property is <br /> 131 acquired by Lender, all right,title and interest of Borrower in and to any insurance policies and in and <br /> 132 to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall <br /> 133 pass to Lender to the extent of the sums secured by this Deed of Trust immediately prior to such sale <br /> 134 or acquisition. <br /> 135 All of the rights of Borrower and Lender hereunder with respect to insurance carriers, <br /> 136 insurance policies and insurance proceeds are subject to the rights of any holder of a prior deed of <br /> 137 trust with respect to said insurance carriers, policies and proceeds. <br /> 138 8. Preservation and Maintenance of Property. Borrower shall keep the Property in <br /> 139 good repair and shall not commit waste or permit impairment or deterioration of the Property and shall <br /> 140 comply with the provisions of any lease if this Deed of Trust is on a leasehold. Borrower shall perform <br /> 141 all of Borrower's obligations under any declarations, covenants, by-laws, rules, or other documents <br /> 142 governing the use, ownership or occupancy of the Property. <br /> 143 9. Protection of Lender's Security. Except when Borrower has exercised Borrower's <br /> 144 rights under paragraph 6 above, if Borrower fails to perform the covenants and agreements contained <br /> 145 in this Deed of Trust, or if a default occurs in a prior lien, or if any action or proceeding is commenced <br /> 146 which materially affects Lender's interest in the Property,then Lender, at Lender's option,with notice <br /> 147 to Borrower if required by law, may make such appearances, disburse such sums and take such <br /> 148 action as is necessary to I protect Lender's interest, including, but not limited to: <br /> 149 (a) any general or special taxes or ditch or water assessments levied or accruing against <br /> 150 the Property; <br /> 151 (b) the premiums on any insurance necessary to protect any improvement comprising a <br /> 152 part of the Property; <br /> 153 (c) sums due on any prior lien or encumbrance on the Property; <br /> 154 (d) if the Property is a leasehold or is subject to a lease, all sums due under such lease; <br /> 155 (e) the reasonable costs and expenses of defending, protecting, and maintaining the <br /> 156 Property and Lender's interest in the Property, including repair and maintenance costs and expenses, <br /> 157 costs and expenses of protecting and securing the Property, receiver's fees and expenses, inspection <br /> Page 3 of 7 <br />