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HomeMy WebLinkAbout1882 ~-V.• /1IYI G !t I ~./1 Ir ~IRE AND CASUALTY COMPANY C~~~~ ORLI?N~O, FLORI~A ~oatz•actar'e Gen~ral A~a~+eemest of indemnity. ~ ~tt~lU ~I( ~Pli b}j I~PBt ~rPHP11Z8. that wbereas, at the request of the undustgacd hueinafttr referrcd to aa Iademnitors, and upon condition that this instrument be executed. Ameries~a ~FYre and Caaualty Company. Uereinaftes =eferred to as the S~rety. a corporation of the State oE Florids. has executed. or may hueafter exccute, on behalf of STA.R CONST~iJCTIQt~i COI~ANY OF F~ORT P'Ih~E, INC. ~ +Y Fort Pierco, F].orida . ' - . a:ontractor, certain iasiruments in the nature of preliminary guaranties, bonds, undertakings, stipulations or other obli9a- tions, copy or copies of which may be hereto attached. .~tttl ~1~P1't~8. the Indemnitors have a substantial, raaterial and bene6cial interest in theobtaining of the said iostruments. ~IIUt. ~~rrrfarr. in cuns;deration of the premises the Indemnitors, for themselves, their heirs, executors, administra- tors, successors and assigns, jointly and severaily hereby covenant and agret with the Surety. its successors and assigas, as follows: ~ 1. The Indemnitors shall pay ia cash to the Surety ~n advaace and at such times and ia such mantter as may be agrted upon, the premium or charge of the Surety in respect of each such instrumeat, and shaU, where such premium or charge is annual, continue to pay the same, until the Surety shall, in thc manner provided by law, be discharged or released from any and aU liability or responsibllity upon and from such instrameat or instruments, and all matters arisiag therefrom, and a gea- c:al release or a written transcript or a notice of the pmper legal evidence of such discharge or releas~ be served on the 5urety, at its of6ce in the City of Orlando. 2. The ln~zmnitors shall at all iimes indemnify and keep indemni6ed the Surety and hold and save it harmless fmm aad against any and all liability, losses, costs, damages, attorneys' and counsel fees, and disbursements, and expenses of what- e.•cr kiad or nature which the Surety may sustain or incur by reason or in consequence of having executed or procured the cxecation of any instrument or instrumeats and any.renewal, continuation. exteasion or successor thereof, and ~vhich the Surety may sus:ain or incur in taking any steps it may deem necessary ia makin9 any investigation. in defending or prose- cuting aey actions, suits or other proceedings which may be brought. or in recovering or attempting to recover salvage or any ::~paid premium, ia obtaining or aitempting to obtain release from liability. or in enforcing any of the covenants of this ag:eement: to pay over, reimburse and make good to the Surety, its successors or assigns, aU money whic6 the Sutety or its r~F:esentaiives shall pay, or cause to be paid or become liable to pay, by reason of t6e executioa of any instrument or instru- m~nts and any renewai, continuance, e~ctension or successor thereof, such payments to be made to the Surety as soon as it shall become liable thereEor. whether the Surety shall have paid out such sum or aay part thereof. or not. - 3. For the further protection of the Surery, the Indemnitors do hereby assign, transfer and convey to the Surety all of :neir right, tide and interest in and to all subcontracts: subcontractors surety bonds: contracts or ord~rs for purchase of ma- c: r;als or installation of equip~ent: and tools, plant, equipment and materiaL of every nature and description wherever ;ccated and also all monthly, Snal or othet estimates and retained percentages; pertaining to or arising out of or in connection .v;th ~ay cantracts performed or being performed or to be perEormed, such assignment to be in full force and effect as oE the tate hereof, in the event of default in the performance of, or failure to pay as they become due and payable any bills for labor er materials in connection with, any contract as to which the Surety has issued, or shall issue, any such instrumeat or " instruments. The Indemn:tors hereby agree to execute and deliver to the Surety, upon request, any further ~r additional in- ~ strcment or instruments that may be required by the Surety to effectuate more fully the purposes of the foregoing assignmeat. 1 4. If for any reason the Surety shall be required or shall deem it necessary to set up a reserve in any amount to cover any contingeat claim oz claims, loss, costs, attoraeys' fees and disbursements or expenses in connection with any instrument by rcason of default in perEormance or abandonment oE contract, liens Sled, unpaid and past due bills, disautes with the o.~~r.er or obligee, or for any reason whatsoever, and regardless of any proceedings contemplated or pending, or the pendency of any apgesl, the Indemnitors jointly and severally hereby covenant and agree immediately upon demand to depasit with _ ' ~he Surety. in current funds, an amount suRicient to cover such reserve and any increase thereof, such funds to be held by ' thc Surety as collateral, in addition to the indemnity afforded by this instrument, with the right to us~ such funds or any part c?tereoi, at any time, in payment or compromise of any judgment, claims, liability, loss, damage, attorneys fees and disburse- r~ent or other expenses; and iE the Surety is required to enforce performance of this covenant by action at law or in equity. ! cests, charges, and expenses, including counsel or attomeys' fees, which it may thereby incur, shall be included in such ~ action and paid by the Indemnitors. Demand shall be sufficient if sent by registered mail to the Indemnitors at the address or adaresscs given hercin or last knovvn to the Surety, whether or not actually received. That no sct or omission of the Surety, in modifying, amending, limiting or extcnding any instrument executed by thc Surety, shall in any wise affect thc Indemnitors' liability hereunder, and the Indemnitors agrce that thc Surety may alter, change, modify, amend, l;mit, or extend any instrUment, and may execute renewals thereof, or other new abligations in its p;ace, or in lieu thereof, and without notlce to the Indemnitors, notice being expressly waived, and in any such case the In- dcmnitors shall be liable to the Surety as fully and to the same extent on account oE any such altered, changed, uiodifed, a~ended, limitcd or extended instr~ment, or such renewals thcreof, or other or new obligations in its placc or in lieu thereof, as if such instruments were descri3~ed at length herein. - 6. It sha11 not be necessary for the Surety to give the Indemnitors notice of any act, fact or information coming to the ,~o;icc or knowledge of the Surety conceming or affecting its rights or liability under any sucn instrument by it so executecl. or the Indemnitors' rights or liab?lities hereunder, notice of ajl such being hereby expressly waived. The Surety shall have ;i,c e~clusive right for itself, and for the Indemnitors, to decide and determine whether any claim, demand, liabili:y, sui:. action, order, judgment or adjudication, made or brought against the Suret~ and aay of the Indemnitors on any iast:~mcnt. join*.ly or severally, shall or shall not be defenc!ed, tri~d or appealed, and its aecision shall be 6na1, conclusive an3 binding ~~~on the Indemnitors, and any order, judgment or adjudication made.'entered or-aE~ra?ed as a result thereof, or any loss, costs, charge, expense or liability thereby incurred, sustaine~ or paid shall be borne and paid by t6e Indemnitors immediately t~pon demand by the Surety, and the Indemnitors especialiy consent tliereto. 7. In the event the Surety executes such instrument or instruments with co-sureties or reiasures any portion of such in- ~ strument or instru~?ents with Reinsuring Companies, or procures the execution of such instrument or instruments, the Indem- nitors agree that all of the terms and conditions of this agreement shall apply and operate ior the beneRt of the Surety, th:. co-sureties, the Reinsuring Companies and the procured sureties. as theit interest may appear, and any premium paid thereto or therefor by the Surety on such instrumer.t or instruments shall be as agent of and for the account of the Indemnitors. ~ 8. If any such instrument is condit;oned for the pe:formance of a public works contract with the Linited States or any ~ state or political sub-division thereof, the laws of which prohibit the assignment of the contract price, or any part thereof, ~ the Indemnitors covenant and agree that all payments received for or on account of said contract sha11 be held as a trust fund in which the Surety has an interest, for the payment oE obligations incurred for lahor, materials and scrvices furnished iri the prosecution of the work provided in said contract or any authorized extension or modi6cation thereof. The ~ndemni- tors also covenant and agree that the Surety shall, at its option and ia its so;e discretion, have the right to take posscssiun of all or any,part of the work of any contrac:, wheaever, in its sole opi~ion, such action is desirable or necessary, and at the exper.se of the Indemni:ors to complete, or cause the c~mpletion of, any such work, or re-let, or co:•sent to the re-letting or ~ ~ o: ':•'ion cf, such contract. ; BOOK 161 PAGE 80 _ ~ ~ ra ~ . . ~ - ~ ~~~~t; - zT3 - -