Exhibit 10.10


 


AGREEMENT
TO PROVIDE INSURANCE


 


	
  Grantor:

  	
  Advanced
  Life Sciences, Inc.

  1440 Davey Drive

  Woodridge, IL 60517

  	
  Lender:

  	
  THE
  LEADERS BANK

  2001 YORK ROAD, SUITE 150

  OAK BROOK, IL 60523

  



 


INSURANCE REQUIREMENTS.  Grantor, Advanced Life Sciences, Inc.
(“Grantor”), understands that insurance coverage is required in connection with
the extending of a loan or the providing of other financial accommodations to
Grantor 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, equipment,
accounts (including but not limited to all health-care-insurance receivables),
chattel paper, instruments (including but not limited to all promissory notes),
letter-of-credit rights, letters of credit, documents, deposit accounts,
investment property, money, other rights to payment and performance, and
general intangibles (including but not limited to all software and all payment
intangibles); all attachments, accessions, accessories, fittings, increases,
tools, parts, repairs, supplies, and commingled goods relating to the foregoing
property, and all additions, replacements of and substitutions for all or any
part of the foregoing property; all insurance refunds relating to the foregoing
property; all good will relating to the foregoing property; all records and
data and embedded software relating to the foregoing property, and all
equipment, inventory and software to utilize, create, maintain and process any
such records and data on electronic media; and all supporting obligations
relating to the foregoing property; all whether now existing or hereafter
arising, whether now owned or hereafter acquired or whether now or hereafter
subject to any rights in the foregoing property; and all products and proceeds
(including but not limited to all insurance payments) of or relating to the
foregoing property.


 


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


Amount: Full Insurable Value.


Basis: Replacement Value.


Endorsements:
The Leaders Bank, as loss payee; and further stipulating 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.


 


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.


 


INSURANCE MAILING ADDRESS.  All documents and other
materials relating to insurance for this loan should be mailed, delivered or
directed to the following address:


 


The Leaders Bank


Post Office Box 3516


Oak Brook, IL 60522-3516


 


FAILURE TO PROVIDE INSURANCE.  Grantor agrees to deliver to
Lender, on the latest delivery date stated above, proof of the required
insurance as provided above, with an effective date of October 23, 2008,
or earlier. UNLESS GRANTOR PROVIDES LENDER WITH EVIDENCE
OF THE INSURANCE COVERAGE REQUIRED BY GRANTOR’S AGREEMENT WITH LENDER, LENDER MAY PURCHASE
INSURANCE AT GRANTOR’S EXPENSE TO PROTECT LENDER’S INTERESTS IN THE
COLLATERAL.  THIS INSURANCE MAY, BUT NEED
NOT, PROTECT GRANTOR’S INTERESTS.  THE
COVERAGE THAT LENDER PURCHASES MAY NOT PAY ANY CLAIM THAT GRANTOR MAKES,
OR ANY CLAIM THAT IS MADE AGAINST GRANTOR IN CONNECTION WITH THE COLLATERAL.
GRANTOR


 

















 


AGREEMENT TO PROVIDE INSURANCE


(Continued)


 


MAY LATER CANCEL ANY INSURANCE PURCHASED BY LENDER, BUT ONLY AFTER
PROVIDING LENDER WITH EVIDENCE THAT GRANTOR HAS OBTAINED INSURANCE AS REQUIRED
BY THEIR AGREEMENT.  IF LENDER PURCHASES
INSURANCE FOR THE COLLATERAL, GRANTOR WILL BE RESPONSIBLE FOR THE COSTS OF THAT
INSURANCE, INCLUDING INTEREST AND ANY OTHER CHARGES LENDER MAY IMPOSE IN
CONNECTION WITH THE PLACEMENT OF THE INSURANCE, UNTIL THE EFFECTIVE DATE OF THE
CANCELLATION OR EXPIRATION OF THE INSURANCE. 
THE COSTS OF THE INSURANCE MAY BE ADDED TO GRANTOR’S TOTAL
OUTSTANDING BALANCE OR OBLIGATION.  THE
COSTS OF THE INSURANCE MAY BE MORE THAN THE COST OF INSURANCE GRANTOR MAY BE
ABLE TO OBTAIN ON GRANTOR’S OWN.


 


IN
ADDITION, THE INSURANCE MAY NOT PROVIDE ANY PUBLIC LIABILITY OR PROPERTY
DAMAGE INDEMNIFICATION AND MAY NOT MEET THE REQUIREMENTS OF ANY FINANCIAL
RESPONSIBILITY LAWS.


 


AUTHORIZATION.  For purposes of insurance coverage on the
Collateral, Grantor authorizes Lender to provide to any person (including any
insurance agent or company) all information Lender deems appropriate, whether
regarding the Collateral, the loan or other financial accommodations, or both.


 


GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS AGREEMENT
TO PROVIDE INSURANCE AND AGREES TO ITS TERMS. 
THIS AGREEMENT IS DATED OCTOBER 23, 2008.


 


 


	
  GRANTOR:

  
	
   

  
	
  ADVANCED LIFE SCIENCES, INC.

  
	
   

  
	
   

  
	
  By:

  	
  /s/ John L. Flavin

  	
   

  
	
   

  	
  John L. Flavin, President of Advanced

  
	
   

  	
  Life Sciences, Inc.

  



 


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AGREEMENT TO PROVIDE INSURANCE


(Continued)


 


FOR LENDER USE ONLY


INSURANCE VERIFICATION


 


	
  DATE:                                 

  	
   

  	
  PHONE

  
	
   

  	
   

  	
   

  
	
  AGENT’S NAME:

  	
   

  
	
  AGENCY:

  	
   

  	
   

  
	
  ADDRESS:

  	
   

  	
   

  
	
  INSURANCE COMPANY:

  	
   

  	
   

  
	
  POLICY NUMBER:

  	
   

  	
   

  
	
  EFFECTIVE DATES:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  COMMENTS:

  	
   

  	
   

  
	
   

  	
   

  	
   

  



 


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