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AGREEMENT TO PROVIDE INSURANCE

Insurance Agreement

AGREEMENT TO PROVIDE INSURANCE | Document Parties: ARTS WAY MANUFACTURING CO INC You are currently viewing:
This Insurance Agreement involves

ARTS WAY MANUFACTURING CO INC

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Title: AGREEMENT TO PROVIDE INSURANCE
Date: 7/8/2009
Industry: Constr. and Agric. Machinery     Sector: Capital Goods

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Exhibit 10.6

 

AGREEMENT TO PROVIDE INSURANCE

 

Borrower:

 

ART’S-WAY MANUFACTURING COMPANY, INC.

Lender:

 

WEST BANK

 

 

(TIN:  _________________)

 

 

MAIN BANK

 

 

5556 HIGHWAY 9 WEST, BOX 288

 

 

1601 22ND STREET

 

 

ARMSTRONG, IA 50514

 

 

WEST DES MOINES, IA 50266

 

 

 

 

 

(515) 222-2300  

 

 

 

 

 

 

Grantor:

 

ART’S-WAY VESSELS, INC. (TIN:  _________________)

  

 

 

 

 

7010 CHAVENELLE

 

 

 

 

 

DUBUQUE, IA 52001

 

 

 

 


 

INSURANCE REQUIREMENTS .  Grantor, ART’S-WAY VESSELS, INC. (“Grantor”), understands that insurance coverage is required in connection with the extending of a loan or the providing of other financial accommodations to ART’S-WAY MANUFACTURING COMPANY, INC.  (“Borrower) by Lender.  These requirements are set forth in the security documents for the loan.  The following minimum insurance coverages must be provided on the following described collateral (the “Collateral”):

 

Collateral :

 

All Inventory and Equipment.

 

 

Type :  All risks, including fire, theft and liability.

 

 

Amount :  Loan Amount.

 

 

Basis :  Replacement value.

 

 

Endorsements :  Lender loss payable clause with stipulation that coverage will not be cancelled or diminished without a minimum of 30 days prior written notice to Lender.

 

 

Latest Delivery Date :  By the loan closing date.

 

 

 

Collateral :

 

7010 CHAVENELLE, DUBUQUE, IA 52001.

 

 

Type :  Fire and extended coverage.-

 

 

Amount :  Loan Amount.

 

 

Basis :  Replacement value.

 

 

Endorsements :  Standard mortgagee’s clause with stipulation that coverage will not be cancelled or diminished without a minimum of 30 days prior written notice to Lender, and without disclaimer of the insurer’s liability for failure to give such notice.

 

 

Latest Delivery Date :  By the loan closing date.

 

INSURANCE COMPANY .  Grantor may obtain insurance from any insurance company Grantor may choose that is reasonably acceptable to Lender.  Grantor understands that credit may not be denied solely because insurance was not purchased through Lender.

 

FLOOD INSURANCE .  Flood Insurance for the Collateral securing this loan is described as follows:

 

 

 


 

 

Real Estate at 7010 CHAVENELLE, DUBUQUE, IA 52001.

Should the Collateral at any time be deemed to be located in an area designated by the Director of the Federal E


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