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FORM OF AGREEMENT TO PROVIDE
INSURANCE
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Principal
$4,500,000.00
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Loan Date
12-16-2008
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Maturity
04-30-2009
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Loan No
70290
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Call/Coll
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Account
0000128524-01
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Officer
322
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Initials
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References in the boxes above are for
Lender’s use only and do not limit the applicability of this
document to any particular loan or item. Any item above
containing “* * *” has been omitted due to text length
limitations.
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Borrower:
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ART’S-WAY MANUFACTURING
COMPANY,
INC. (TIN: 42-0920725)
5556 HIGHWAY
9 WEST, BOX 288
ARMSTRONG,
IA 50514
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Lender:
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WEST
BANK
MAIN
BANK
1601 22ND
STREET
WEST DES
MOINES, IA 50265
(515)
222-2300
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Grantor:
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_____________________________
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INSURANCE
REQUIREMENTS. Grantor, __________________
(“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”):
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All
Inventory and Equipment.
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Type: All risks, including fire, theft and
liability.
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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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Type: Fire and extended
coverage.
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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
accept
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