AGREEMENT TO PROVIDE INSURANCE
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”):
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