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200110903 site and the type of the building, and the construction, location, utilities and occupancy or any replacements or substitutions therefor. (b) Policy Requirements. All liability insurance policies required pursuant to this Section 3.05 shall name Beneficiary as an additional insured thereunder, and all other insurance policies required pursuant to this Section 3.05, to the extent reasonably possible, or otherwise maintained by Grantor shall name Beneficiary as the beneficiary under New York long form non - contributory endorsements. All such insurance policies and endorsements shall be fully paid or paid pursuant to an installment program offered to Grantor by the insurer or its broker /agent, provided that the installments are paid on or before the due date thereof so that all required insurance coverage is maintained without interruption. All insurance policies required to be maintained by Grantor shall contain such provisions and expiration dates, and be in such form and issued by such insurance companies qualified and licensed to do business in the jurisdiction in which the Trust Property is located, as may be reasonably acceptable to Beneficiary. All insurance companies issuing insurance for the Trust Property on behalf of Grantor shall have a Best Insurance Guide Rating of A/XI or better. Any coverage required to be maintained pursuant to this Section may be maintained under a blanket insurance policy provided such policy otherwise satisfies the requirements of this Section. Each policy required to be maintained by Grantor shall provide that such policy may not be cancelled or materially changed except upon not less than thirty (30) days' prior written notice to Beneficiary of the intention of non - renewal, cancellation or material change and that no act or thing done by Grantor shall invalidate the policy as against Beneficiary. In the event Grantor fails to maintain insurance in compliance with this Section 3.05 or, in the event that a notice of non - renewal, cancellation or material change is given to Beneficiary, as aforesaid, and within ten (10) days after the delivery of such notice Grantor shall fail to deliver to Beneficiary evidence of the purchase of a substitute policy of insurance or a renewal of the existing policy of insurance, Beneficiary may, after ten (10) days' notice to Grantor (or, if the policy in question shall sooner expire or be terminated, on or after the day before the date of such expiration or termination) but shall not be obligated to, obtain such insurance and pay the premium therefor and Grantor shall, on demand, reimburse Beneficiary for all sums, advances and reasonable expenses incurred in connection therewith, together with interest thereon at the rate of interest applicable under the Credit Agreement upon the occurrence of a Default (the "Default Rate ") from the date such amounts are advanced until the same are paid to Beneficiary. (c) No Separate Insurance. Grantor shall not carry separate or additional insurance concurrent in form or contributing, in the event of loss, with that required hereunder unless endorsed in favor of Beneficiary as loss payee or additional insured, as applicable, and otherwise acceptable to Beneficiary in all respects. (d) Transfer of Title. In the event of foreclosure of this Deed of Trust or other transfer of title or assignment of the Premises in extinguishment, in whole or in part, of the Secured Obligations, all right, title and interest of Grantor in and to all policies of insurance required under this Section or otherwise then in force with respect to the Premises and all proceeds payable thereunder and unearned premiums thereon shall immediately vest in the purchaser or other transferee of the Premises. NYDOCS03/596673.1 8 HALL COUNTY, NEBRASKA