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on such forms and in such amounts as the Agency may from time to time require, and to deliver the original of all such policies to the Agency, together with receipts satisfactory to the Agency evidencing payment of the premiums. All such policies shall provide that the Agency shall be given thirty (30) days' advance written notice of the cancellation, expiration or termination of any such policy or any material change in the coverage afforded by it. Renewal policies and any replacement policies, together with premium receipts satisfactory to the Agency, shall be delivered to the Agency at least thirty (30) days prior to the expiration of existing policies. Neither Trustee nor the Agency shall by reason of accepting, rejecting, approving or obtaining insurance incur any liability for the existence, nonexistence, form or legal sufficiency of such insurance, or solvency of any insurer for payment of losses. 4.3 Payment of Taxes and Utility Charges. To pay, at least ten (10) days prior to delinquency, all taxes and assessments, both general and special, fines, penalties, levies and charges of every type or nature levied upon or assessed against any part of the Property or upon Trustee's or the Agency's interest in the Property. 4.4 Escrow Deposits. At the Agency's option and upon its demand, to pay to the Agency each month on the day upon which monthly installments of interest any /or principal are due under the Note, such amount as the Agency from time to time estimates as necessary to create and maintain a fund (the Fund) from which to pay, before the same become due, the next maturing taxes, assessments, levies, charges and insurance premiums on or against the Property. Any excess accumulated in the Fund over the amount required for such purposes shall be held for future use or applied to any indebtedness or obligation hereby secured, or refunded to Borrower, at the Agency's option; any deficiency shall be made up by Borrower on written demand of the Agency. The Agency shall place the amounts in the Fund in an interest bearing account and shall credit the interest earned on such amounts to the Fund semiannually; provided that upon the Fund's termination any interest amount due shall not be payable sooner than six months from the date of the last payment credited to the Fund. Amounts in the Fund shall be released to Borrower for application to or shall be applied by the Agency to payment of such taxes, assessments, levies, charges and insurance premiums, even though subsequent owners of the Property may benefit thereby; provided, however, that in the event of any default under this Deed of Trust, all or any part of the Fund may be applied to any indebtedness or obligation hereby secured, in such order and manner as the Agency may determine at its option. CHFA 52P 6/1/88 V01642 -4-