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Exhibit 10.7
AGREEMENT TO PROVIDE
INSURANCE
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Borrower:
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ART’S-WAY MANUFACTURING COMPANY, INC.
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Lender:
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WEST
BANK
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(TIN: _________________)
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MAIN
BANK
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5556 HIGHWAY
9 WEST, BOX 288
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1601 22ND
STREET
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WEST DES
MOINES, IA 50266
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(515)
222-2300
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ART’S-WAY SCIENTIFIC, INC. (TIN: _________________)
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203 OAK
ST
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MONONA, IA
52159
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INSURANCE
REQUIREMENTS . Grantor, ARTS-WAY SCIENTIFIC,
INC. (“Grantor”), understands that insurance
coverage is required in connection with the extending of a loan or
the providing of other financial accommodations to ARTS-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”):
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Collateral :
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All Inventory
and Equipment.
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Type : All risks, including fire, theft
and liability.
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Amount : Loan Amount,
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Basis : Replacement value.
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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.
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Latest
Delivery Date : By the loan closing
date.
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Collateral :
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203 OAK STREET,
MONONA, IA 52159.
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Type : Fire and extended
coverage.
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Amount : Loan Amount.
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Basis : Replacement value.
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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.
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Latest
Delivery Date : By the loan closing
date.
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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 203 OAK STREET, MONONA, IA 52159 .
Should the
Collateral at any time be deemed to be located in an area
designated by the Director of the Federal Emergency
Management
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