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premiums and attorney's fees arising or incurred in connection
with the above captioned bond, or any other bond, recognizance,
underCaking or other obli~ation (all of which, together with
any continuations and modif~cations thereof, are hereinafter
referred to as bonds), heretofore or hereafter executed assumed
or procured by Surety at the instance or request or on behalf
either of Owner or~of the principal above named, in connection
with which undersi~gned is an inde~itor;
(b) For the payment of all premiums on such bonds;
(c) For the performance of every agre~ment(includzng continuations
or modifications thereof, with or without consent of owner)
made by Owner or by any of the principals in connection with
said bonds;
(d) Against any liability, loss, costs, expenses and attorney's
fees in connection with any claim to the collateral security
by persons claiming adversely to Owner. ~
To accomplish the purposes
any time and without notic
security, and to apply the
losses, costs or damages,
liabilities as it may elec
cretion, to sell any of sa
sale to itself or to any o
cash, exchange, renew or
proceeds thereof in any
deems proper. The rights
be in addition to, and no
Surety may have, includin
of such deposit, Surety is authorized, at
e or legal process, to use said collateral
same to payment of or reimburesement for
expenses, attorney's fees, premiums or
t; and at its option and~ in its sole dis-
id collateral security at public or private
ther person, or to deposit, invest, convert,
dispose of said collateral security or the ~
manner, in such form and on such terms as it
given to SureCy under this agreement shall
t in limitation of, any other rights which -
g rights under any separate agreements. -'
Owner represents himself to be the sole owner of said colla-
teral security, and agrees to save Surety harmless from any loss,
costs, expenses or atCorney's fees arising from claims to any part
thereof by any persons claiming adversely to Owner.
If the collateral security shall, by reason of depreciation
below its market value as of the time of deposit, become insufficient
for Surety's protection, Owner shall, upon demand, deposit additional
cateral security, satisfactory to Surety, of a value at least equal
to the amount of such depreciation.
Surety shall not be liable for any loss or depreciation of the
collateral security or the proceeds thereof, or damage thereto, unless
caused by gross negligence of Surety's officers or employees. Surety
pay no interest on the collateral security, and in the case of any
certificate of deposit or any other instrument evidencing the deposit
of money with any per~on, firm or corporation included in the colla-
teral security, it is understood that Owner has selected the depository,
and assumes full responsibility for the safety of the deposited funds.
Upon receipt of written evidence safisfactory to Surety of its
discharge from all Iiability under such bonds, and of ownership of the
collateral security by the applicant (it being recognized that dif-
ferences of opinion wi~h regard to proof of ownership, and of termi-
nation of liability, require the giving of considerable latitude to
Surety in the determination of what evidence is reasonable), and of
payment of all amounts due as provided herein, Surety shall, within a
reasonable time, return said collateral security.or the proceeds
thereof, less any deductions pursuant to the terms of this agreement,
to the party then designated as Owner. NEITHER THIS RECEIPT OR THE
SECURITY REFERRED TO HEREIN IS TRANSFERABLE OR ASSIGNABLE WITHOUT THE
WRITTEN CONSENT OF A DULY~AUTHORIZED OFFICER OF THE SURETY.
IN WITNESS WNEREOF, the said owner(s) has hereunto signed and
sealed these presents the day and year first above written.
~n~K 350 P~~~E 94