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
cl
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