HomeMy WebLinkAbout2356 5-075
C~llateral Receipt AMERICAN FIRE AND CASUALTY C01~9PANY
Home Office - Orlando, Florida
BOND NO.
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ON ~3EHALF OF: ~ ~ • - • ' - -
RECEIYE~ FROM:~_.__ ta}:er ~ ~ ~ ' (hereinatter call~d Owner)
the following described collateral:
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It is agreed that the above deacribed collateral has been pledged to and deposited with
A1tiiERICAN FIRE AND GASUALTY COMPANY (hereinafter called Company) by the Owner as
securiiy (a) againet any and all liability, loss, costs, damages, expenaes and attorney's fees
arising or incurred in connection with any bond, reco~nizance, undertakittg or other obligation
(ali of which, together with any continuations or modifications thereof, are Izereafter referred
to as bc~nds) heretofore or hereafter executed, assum~d or procured by the Company at the in-
stance or requeat of the Owner, Principal or Indemnitor, and (b) for the performance of every
agreement (including cantinuations or modifications thereof, with or without consent of the Ov~mer)
made by each of the Principal~, Indemnitors and Owners in connection with said bonds, and the
pay:nent of all premiums thereon Said collateral shall be solely for the benefit of the Company,
i~s reinsurers and co-sureties on said bonds and its and their successors and assigns.
At any time and without notice or legal process, in order to pay out of such cotlateral to
itself or otherwise any amauTZts due or to become due, or if otherwise advisable in its sol.e dis-
cretion, the Company may, but shall not b:e obtiged to, se?1 any of sa:d collaterat at public or
private sale to itself or any other peraon, or deposit, invest, convert, cash, exchange, renew
or dispose of said collateral or the proceede thereof in atiy other manner, in such form and an
such terms as it deems proper.
Upon receipt of written evidence satisfactory to the Campany of itE discharge from all
liability under all such bonda and of nwnership of the collateral, and of payrr~ents of ail amounts
due as described herein, the Company shail return said collateral or the proceeds thereof to the
then owners (less any deductions pursuant to the terms hereof~, in such form as it may then be,
including interest or other ~,dditions actually received by the Com~any directly and solely on
a~count thereof.
The Gornpany shallnot be liable for any loss, depreciation or decrease of such collaterai
or the proceeds thereof or damage thereto except by reason of gross negligence of its officers os
Pmployees. Such negligence shall not be founded in wnole or in part upon constructive r~otice.
The rights given to the Company under this agreement ahall Y~e in additioii to and not in
Lirnitation of any other rights the Company may have~by law or any agreement.
The Owner re~resents :tself to be sole Ow~er of said collateral and agrees to save the
Company harmless frorn claims ofanyotherperaons to any part thereof. The Compan}'maytake
stzcn action or legal proceedings to effectuate this agreement as it deems ?dvisable either in its
name or otherwise, but at the expense of the owner.
This receipt ie noi assignable or traneferrable except upon written consen~ of a duly
authorized officer of the Company and must be returned at the time surren~er of the collateral ie
reque sted.
The Company ahail E~ave a reasonabte t:tne wiihin which io retsrn the ccllateral after
receipt of evidence showing termination of liability.
The above cunditions are AMERIGAN FIRE AND CASUALTY CGMPA,NY
agreed to ~ ' i ~ -
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