Protection of the Town’s Security. If TRUSTOR fails to perform the covenants and agreements contained in this DEED OF TRUST or if any action or proceeding is commenced which materially affects the TOWN’s interest in the SECURITY, including, but not limited to, default under the First Lender Deed of Trust, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then the TOWN, at the TOWN’s option, without releasing TRUSTOR from any obligation hereunder, may make such appearances, disburse such sums, and take such action as it determines necessary to protect the TOWN’s interest, including but not limited to, disbursement of reasonable attorneys’ fees and entry upon the SECURITY to make repairs. Any amounts disbursed by the TOWN pursuant to this paragraph, with interest thereon, will become an indebtedness of TRUSTOR secured by this DEED OF TRUST. Unless TRUSTOR and TOWN agree to other terms of payment, such amount will be payable upon notice from the TOWN to TRUSTOR requesting payment thereof, and will bear interest from the date of disbursement at the lesser of: (i) ten percent (10%); or (ii) the highest rate permissible under applicable law. Nothing contained in this paragraph will require the TOWN to incur any expense or take any action hereunder.
