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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