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Home My WebLink About2358 . E :~.'~i ~ i i':~ ~!T . . ~ ' F~re and Casuaity Co~ie~uny FIRE AND casva[r~r ORLANDO. ~I.ORIDX ~ ca. General Agreement of Indemnlty ~na~v ~11 ~I1'n t~pSP ~rp~~tt~. that whereas, at the requeat of the underaigned herein- after referred to as Indemnitora, and upon condition that this inatrument be exec~ted, American Fire and ('asualty Company, hereinafter referred to as the Surety, a corp~ration of the State of Florida, hae executed, or mav hereafter exeeute, a bond or bond9 on behalf of . . . , ~ ~ , - ~ i;:_ . • , , , _ ~ - - - - - ~ - _ _ . . . . _ . . . . . _ . hereinaEter referred to as Principal, copy or copies of which may be hereto attached. i At1~1 ~f~err~, the lndemnitors have a substantial, material and benencial interest in the obtaining of thc said bond or bonds. ~qLU, T~l~rrrforr, in consideration of the premises the Indemnitors, for themselves, their heirs, execucors. administrators. successors and assigns jointly and severally hereby covenant and agree with the Surety, its su~cessors and assigns, as follows: 1. That the Indemnitors will promptly pay or cause to 'ae paid in cash to the Surety at its office in the ('itv of Orlando for the execution of the said bond or bonds, the premium or premiums to be paid annually, in advance, in each and e~•ery year during the time which the Surety ahal! be snd continue to be liable upon the said bond or bonds, and until the Surety shall have been fully discharged and released from any and all liability upon saia bond or bonds and all matters and things arising therefrom, and until there shall have been furnishF;d to the Sure~y due and satisfactory proof by evidence legally co:npetent of such discharge and release. 2. The Indemnitors shall at ail times indemnify and keep indemnified the Sucety and hold and sa~~e it harmless from and against an~~ and all liability, losses, costs, damages, attorneys' and counsel Eees, and disbursements, and es- penses of u~hater,~er kind or nature which the Surety m~y sustain or incur by reason or in consequence of having exe- cuted or procured the execution oF such bond or bonds. and any renew•al, continuation, extension or successor thereoE. and all other bonds heretofore or hereafter executed or procured Eor or at the requcst of the Principal, and which the Surety may sustain or incur in taking any steps it may dee{n necessary in making any investigation, in defending or arosecuting a,i}• actions. suits or other proceedings ~•hich may be brought under or in connection therewith, er in reco~-erina or attempting to recu~~cr salvag~ or any unpaid bond premium. in obtaining or attem~ting to abtain re- lease from ]iability. nr in enforcing any of the co~-enants of this agreement: to pay over, reimburse and make good to the Suret}~, its successors or assigns, all money u~hich the Surety or its representatives shall pay, or cause tn be paid or become liaole to pay, by reason of the execution of such bond or bonds. and any renewai, continuance, extension or successor thereoE, and all other-bonds heretofore or hereafter executed or procured fot or at the request oE the Principal: and such payment to be made to the Surety as soon as it shali become liable therefor, whether the Surety shall ha~~e ~aid out su~h sum or any part thereof, or noY. 3. If for any reason the Surety shall be required or shall deem it necessary to set up a reserve in any amount to cover anv contingent claim or ciaims, loss. ~nsts. attorney's fees and di;bursements and expenses in connection with any b~nd by reason oE deEault of the Principal, abandonment oE contract. liens filed, unpaid and past due bills, dispute ~~ith the o~~ner or obligec. or Eor any reasor. w-hatsoe~•er, and regardless of any proceedings contemplated ar taken by the Principal or the pendency of any appeal, the undersigned jointly and severally herzby covenant and agree imme- diately upon demand to deposit w~ith the Surety, in current funds, an aanount sufficient to cover such reserve and any increa~e thereof. such funds to be held by the Surety~as collateral, in addition to the indemnity afforded by this instrv- ment, w~ith the right to use such funds or any paet thereof, at any time, in payment or compromise of any judgment, claims, iiability, loss, damage, attorney's fees and disbursements or other expenses; and iE the Surety is required to en- force perfo:mance of this ca~•enant by action at law or in equity, the costs, charges, and expenses, including counsel or attorney's fees, w~hich it r:~ay thereby incur, shall be included in such action and paid by the undersigned. Demand shall be sufficient i€ sent by registered mail to the undersigned at the addsess gis-en herein or last known to the Surety, vvhether or not accually received. 4. That the Sucety may, at any tirne hereafter. ~~ithout releasing or discharging the Indemnitors from any claim, demand. ~ction, costs. )iability or any other expense theretofore incurred ~r accrued, take such acti~n as it might deem necessar}~ or proper to obtain its release from any and all liability under the sai3 bond or bonc~s, and the Indemnitors further agree that they shall furtner secure ar.d indemniEy the Surety against any and all charges. liabiliti~s and e~penses oE whatever nature ~~hich the Surety may sustain or incur or be put to in abtaining such release. 5. The Sure±y may ~lso alter, change, mod'sfy, amend, limit or extend the said bond or bonds and any renev.~al or other obligation in place or in lieu thereof, and in any such case the Indemnitors shall be liable to the Surety as fullv an~ to the same extent on account of any such altered, changed, snodified, amended, limited or extended bond or bonds nr renew~al or substitution thereoE, ~vhene~~er and as often as macie, as though such bond or bonds is or are descr:bed at length herein. F. That it shal! not be necessary Eor the Surety to give to the Indemnitors or any of them notice, which is here- hv e~pressly ~~ai~~ed, oE any act, fact or informatior, coming ro the notice or knowledge of the Surety concerning.or .~ffccting its rights or liabilities under an}• such bond or bon~s by it so executed, or the rights and liabilities of the Indeninitors hereitz. 7. Any property of any kin3 u~hich may have been, or may hereafter b~., pledged as collateral securitv on any one or more of such bonds may, at the option of the Surety, be retained as collateral s~curity on anv and all bonds coming within the scope of this agreement. whether theretoEore or therQafter executed, and for the fuli and complete performance in al] res~ects of the covenants af the Indemnitors. ln case the Surety should deem it advisable for the ~~urp~se of ineeting any actual or prospective cJaim or demand under any such bond or tionds or to pay any expenses ~ncurred or to be incurred in conne~tion therewith. oc in case the Surety shauld be of the opinion that said ~roperty is like)v to so decline in market value that the security to the Surety wil! be inadequate, the Surety shall have full pow~er and authority, without notice to the Indemnitors or any oF them, to sell, assign. and deliver said cQllateral, or an~~ paet thereof, at public or private sale at the option oE the Surety, its successors and assigns, with the right to be the purchaser itselE at any such sale, and to use the proceeds, or any part thereof as may be necessary, in order to protect itself or any other Surety or Sureties executing such bond or bonds against loss. sests, damages, att~rney's fees and,expenses as aforesaid; and. after deducting all legal and other cost5 and expenses of such sale, and all such loss, costs. d~mages. attorney's fees and expenses as aforesaid, and all premiums due the S~~rety or any such Surety ar Sureties for any such bond or bonds. shal) return the remainder of such collateral or the proceeds oE sale. iE any, to che person or persons ]egally authorized to receive the same; provided the Surety shall not be responsible for any loss resultiny to said propert;~ from any cause other than the wrongEul aet or neglect of its officers and employees. s-~~~ t,'~,`~r1~4 5~2