"Life gives so many chances, do not misuse them because there is time comes of 'last chance' too"
In this part usage of "of" is ok?
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We would not say that this way.
Addressing your specific question: we do not split the of phrase from the noun it modifies by putting another constituent between them, as you have put comes between time and of last chance.
But there are other problems here:
There is time comes is ungrammatical—you have two subjects and two verbs in one clause. You must either eliminate one pair or make it a subordinate construction
A time comes... or
There is a time which comes...
Time of last chance is not idiomatic English. We don't use time here because time in this sense (meaning approximately “occasion”) is semantically “built in” to the phrase last chance. Your last chance to do something is your final opportunity to do it, the last occasion on which you will be permitted to do it.
One way to say this is:
Life gives you many chances; do not misuse them, because the last chance always comes, too.
It would be even better if you fortified the parallelism:
Life gives you many chances; do not misuse them, because in the end life will give you the last chance, too.