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policies directly to the Beneficiary, (ii) a provision to the effect that none of the Grantor, Credit Parties or any other Person shall be a co- insurer, and (iii) such other provisions as the Beneficiary may reasonably require from time to time to protect the interests of the Credit Parties. Each such policy referred to in this paragraph also shall provide that it shall not be canceled, modified or not renewed (i) by reason of nonpayment of premium except upon not less than thirty (30) days' prior written notice thereof by the insurer to the Beneficiary (giving the Beneficiary the right to cure defaults in the payment of premiums), or (ii) for any other reason except upon not less than thirty (30) days' prior written notice thereof by the insurer to the Beneficiary. The Grantor shall deliver to the Beneficiary, prior to the cancellation, modification or nonrenewal of any such policy of insurance, a copy of a renewal or replacement policy (or other evidence of renewal of a policy previously delivered to the Beneficiary) together with evidence satisfactory to the Beneficiary of payment of the premium therefor. (c) In the event that the Grantor at any time or times shall fail to obtain or maintain any of the policies of insurance required hereby or to pay any premium in whole or part relating thereto, the Beneficiary may in its sole discretion, without waiving or releasing any obligation or liability of the Grantor hereunder or any Default or Event of Default, obtain and maintain such policies of insurance and pay such premiums and take any other actions with respect to as such Person deems advisable. All sums disbursed by the Beneficiary in connection with this Paragraph 3(c), including reasonable attorneys' fees, court costs, expenses and other charges relating thereto, shall be payable, upon demand, by the Grantor to such Person and shall be additional Secured Obligations secured hereby. (d) In the event of any loss or damage to the Property, the Grantor shall give immediate written notice to the insurance carrier and to the Beneficiary. If the loss of or damage to the Property shall have, in the sole judgment of the Beneficiary, a material impact on the use, operation or value of the Property, either temporarily or permanently, then the Property shall no longer constitute Eligible Real Estate under the Loan Agreement. Prior to the occurrence of any Event of Default Grantor shall have the right to make proof of such loss, to adjust and compromise any claim under insurance policies, and to appear in and prosecute any action arising from such insurance policies, provided that no settlement thereof shall be made without the prior consent of Beneficiary. Grantor hereby irrevocably makes, constitutes and appoints Beneficiary (and all officers, employees or agents designated by Beneficiary) as Grantor's true and lawful agent and attorney -in -fact, exercisable after the occurrence and during the continuance of an Event of Default, to make proof of such loss, to adjust and compromise any claim under insurance policies, and to appear in and prosecute any action arising from such insurance policies. Whether or not an Event of Default has occurred, Beneficiary is authorized to collect and receive insurance proceeds, and to deduct therefrom Beneficiary's expenses incurred in the collection of such proceeds. Grantor further authorizes Beneficiary, at Beneficiary's option, whether or not an Event of Default has occurred, to apply the balance of such proceeds to the 6 MA