An agreement to provide insurance is a contract between a lender and a grantor that requires the grantor to obtain insurance as a condition of receiving a loan. The contract entails what minimum coverages the insurance must provide as well as what will happen if insurance is not obtained. Typically, the agreement to provide insurance also states that a grantor cannot be denied a loan on the basis that insurance is not obtained from the lender, but the loan offer can be rescinded if the grantor does not secure insurance from another agency.
The purpose of the agreement to provide insurance is to provide lenders with the security of ensuring their investment is protected.
AGREEMENT TO PROVIDE INSURANCE
| Grantor: | Computer Software Innovations, Inc. | Lender: | RBC CENTURA BANK |
| 1661 East Main Street | Lending Service Center, P.O. Box 1220 | ||
| Easley, SC 29640 | Rocky Mount, NC 27802 |
INSURANCE REQUIREMENTS. Grantor, Computer Software Innovations, 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 and Equipment. |
| Type: All risks, including fire, theft and liability. | |
| Amount: Loan Amount. | |
| Basis: Replacement value. | |
| Endorsements: Lender loss payable clause with stipulation that coverage will not be cancelled or diminished without a minimum of thirty (30) days prior written notice to Lender. | |
| Comments: Customer #2929503. | |
| 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:
RBC CENTURA BANK
Rocky Mount, NC 27802
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 February 10, 2006, or earlier. Grantor acknowledges and agrees that if Grantor fails to provide any required insurance or fails to continue such insurance in force, Lender may do so at Grantor’s expense as provided in the applicable security document. The cost of any such insurance, at the option of Lender, shall be added to the indebtedness as provided in the security document. GRANTOR ACKNOWLEDGES THAT IF LENDER SO PURCHASES ANY SUCH INSURANCE, THE INSURANCE WILL PROVIDE LIMITED PROTECTION AGAINST PHYSICAL DAMAGE TO THE COLLATERAL, UP TO AN AMOUNT EQUAL TO THE LESSER OF (1) THE UNPAID BALANCE OF THE DEBT, EXCLUDING ANY UNEARNED FINANCE CHARGES, OR (2) THE VALUE OF THE COLLATERAL; HOWEVER, GRANTOR’S EQUITY IN THE COLLATERAL MAY NOT BE INSURED. 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 FEBRUARY 10, 2006.
/s/ Nancy K. Hedrick
FOR LENDER USE ONLY
PHONE (864) 859-4091
AGENT’S NAME: Fireman Insurance Co
AGENCY: R. Carl Byars Agency, Inc.
ADDRESS: P.O. Box 465, Easley, SC 29641
INSURANCE COMPANY: Computer Software Innovations
POLICY NUMBER: CPA 1014508-18
EFFECTIVE DATES: ___________________________________________________________________________________________
LASER PRO Lending, Ver. 5.30.00.004 Copr. Harland Financial Solutions, Inc. 1997, 2006. All Rights Reserved. - SC N:\LASERPROP\CFI\LPL\D20.FC TR-44815 PR-5
Reference:
Security Exchange Commission - Edgar Database, EX-10.3 4 dex103.htm AGREEMENT TO PROVIDE INSURANCE, Viewed October 24, 2022, View Source on SEC.
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