HomeMy WebLinkAbout1801 . , ~
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as follows:
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~ General and/or Safeco agrees to advance to or on behalf of -
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; Arnold in the manner hereinafter set forth, the sum of ~250,000.0 ~
~ for the purpose of payment of just bills and claims for which
k General and/or Safeco is liable under said bonds for Iabor,
<i materials and supplies herotofore used and hereafter to be used
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' in the completion and closing out of said cons~ruction contracts.
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The sum so~advanced may be increased at the sol~e discretion of
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~ General and/or Safeco, if requested by Arnold. If such increase
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; should be made, the request therefore and General's and/or
Safeco's decision with respect thereto shall both be in writing,
1~° attached to this Agreement as an endorsement.
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Said advances by General and/or Safeco whether under this
I; Agreement or any endorsement which may be added thereto, shall
l: be made as follows:
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(a) General and/or Safeco agrees to_deposit in Sun First
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National Bank, Orlando, Florida, hereinafter sometimes referred
~i to as the "Sun Bank", the sum of s75,000,00 or such other sum not
be exceed ~250,000.00 as General and/or Sa£eco shall in its sole
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~ discretion determine, in an account in the name of Welbaum, Zook,
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Jones and Williams, Trust Account, hereinafter sometimes refer-
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red to as the "Trust Account".
(b) Any sums so deposited, or any sums which may hereafter
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; be deposited in said account, are expressly recognized by alI
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' parties hereto to be funds and property of General and/or
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Safeco .
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(c) Checks drawn against the aforesaid account shall bear
' the signature of a duly authorized representative of,the firm
; of Welbaum, Zook, Jones and Williams and said checks shall be
~ used to purchase cashier's or certified checks which shall be
: forwarded to Arnold for disbursement to claimants. f
: (d) General and/or Safeco reserves the right to make pay- ~
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: ment of any claim for labor, materials, supplies, or any other
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' s~K~YS PACE179?
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