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_41 90350 <br /> Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be <br /> applied to restoration or repair of the Property damaged, provided such restoration or repair <br /> is economically feasible and the security of this Deed of Trust is not thereby impaired. If <br /> such restoration or repair is not economically feasible or if the security of this Deed of Trust <br /> would be impaired, the insurance proceeds shall be treated as if received from a sale of the <br /> Property, or, of that part of the Property damaged and shall be applied, in the manner <br /> described in Section 12 herein below, to the sums secured by this Deed of Trust. If the <br /> Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days <br /> from the date notice is mailed by Lender to Borrower that the insurance carrier offers to <br /> settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance <br /> proceeds at Lender's option either to restoration or repair of the Property or to the sums <br /> secured by this Deed of Trust. <br /> Unless Lender and Borrower otherwise agree in writing, any such application of <br /> proceeds to principal shall not extend or postpone the due date of the monthly installments <br /> referred to in Sections 1, 2 and 5 hereof or change the amount of such installments. If under <br /> Section 21 hereof the Property is acquired by Lender, all right, title and interest of Borrower <br /> in and to any insurance policies and in and to the proceeds thereof resulting from damage to <br /> the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums <br /> secured by this Deed of Trust immediately prior to such sale or acquisition. <br /> 9. Preservation and Maintenance of Property: Condominiums: Planned Unit <br /> Developments: Cooperatives. Borrower shall keep the Property in good repair and shall not <br /> commit waste or permit impairment or deterioration of the Property. If this Deed of Trust is <br /> on a unit in a condominium or a planned unit development, or on a share in a cooperative <br /> housing corporation, Borrower shall perform all of Borrower's obligations under the <br /> declaration of covenants creating or governing the condominium or planned unit <br /> development, the bylaws and regulations of the condominium or planned unit development, <br /> and constituent documents, or, the articles and bylaws and constituent documents creating <br /> and governing a cooperative housing corporation. If a condominium, or planned unit <br /> development, rider is executed by Borrower and recorded together with this Deed of Trust, <br /> the covenants and agreements of such rider shall be incorporated into and shall amend and <br /> supplement the covenants and agreements of this Deed of Trust as if the rider were a part of <br /> this Deed of Trust. <br /> 10. 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 commenced <br /> which materially affect Lender's interest in the Property, including, but not limited to, <br /> default on or foreclosure of a prior deed of trust, eminent domain, insolvency, code <br /> enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender <br /> at Lender's option, upon notice to Borrower may make such appearances, disburse such sums <br /> and take such action as is necessary to protect Lender's interest, including, but not limited <br /> to, disbursement of reasonable attorneys' fees and entry upon the Property to make repairs. <br /> If Lender required mortgage insurance as a condition of making the loan secured by this <br /> • - 6 - <br />