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200600597 governmental law, order, rule or regulation prohibits Grantor from making such payment or would penalize Beneficiary if Grantor makes such payment or if, in the opinion of Beneficiary, the making of such payment would result in the imposition of interest beyond the maximum amount permitted by applicable law, then the entire Obligations shall, at the option of Beneficiary, become immediately due and payable. 3.02.02 Grantor will pay, before the same become delinquent, all taxes, liens, assessments and charges of every character including all utility charges, whether public or private, already levied or assessed or that may hereafter be levied or assessed upon or against the Premises; and upon demand will furnish Beneficiary receipted bills evidencing such payment. 3.02.03 Grantor will not suffer any mechanic's, materialman's, laborer's, statutory or other lien to be created and to remain outstanding upon all or any part of the Premises, except for inchoate liens securing obligations not yet due and payable. 3.02.04 Grantor, to the full extent permitted by applicable law, shall indemnify and hold Beneficiary harmless from, or shall reimburse Beneficiary for any and all intangible tax, documentary stamp tax, mortgage tax, note tax or other like or similar tax (excluding income, franchise or capital taxes imposed on the income of Beneficiary or because Beneficiary may be deemed to be doing business in the jurisdiction) imposed with respect to this Instrument or the indebtedness evidenced thereby, and from any interest, charges or penalties assessed with respect thereto. 3.02.05 Nothing contained in this Section 3.02 shall require the payment or discharge of any such tax, lien, assessment or charge by Grantor for so long as Grantor is permitted to contest the same in accordance with Section 5.2 of the Credit Agreement. 3.03 Insurance. 3.03.01 Until the Obligations shall have been paid in full and the Credit Agreement shall have been terminated, Grantor shall keep the Premises insured in accordance with the requirements of Section 5,4 of the Credit Agreement. 3.03.02 Beneficiary is hereby authorized and empowered by Grantor, at the option of Beneficiary to adjust or compromise any loss under any insurance policies maintained pursuant to this Section 3.03, and to collect and receive the proceeds from any such policy or policies. Each insurance company is hereby authorized and directed by Grantor to make payment for all such losses directly to Beneficiary, instead of to Grantor or to Grantor and Beneficiary jointly. In the event any insurance company fails to disburse directly and solely to Beneficiary but disburses instead either solely to Grantor or to Grantor and Beneficiary jointly, Grantor agrees immediately to endorse and transfer such proceeds to Beneficiary. Upon the failure of Grantor to endorse and transfer such proceeds as aforesaid, Beneficiary may execute such endorsements or transfers for and in the name of Grantor and Grantor hereby irrevocably appoints Beneficiary as Grantor's agent and attorney-in-fact so to do. Such insurance proceeds, net of Beneficiary's reasonable expenses incurred in the collection and administration of such sums, including attorneys' fees, shall be applied in the manner provided in Section 5,4(b) of the -5-