|
<br />r
<br />
<br />24 -003725
<br />
<br />Commercial Code or any other statute or regulation of any jurisdiction or agency t but that the filing Of recording of such docu~
<br />ment shaJl be solely at the option of the Surety and that the failure to do so shaJl not release or impair any of the obligations
<br />of the Indcmnitors under this agreement.
<br />
<br />7. If any of the bonds are executed in connection with a contract which by its terms or by law prohibits assignment of
<br />contract ptoceeds, Ot any part thereof, the Indemnitors covenant and agree to hold all money or other ptoceeds oftheconrract,
<br />whether received as payment or loan, as a trust for the benefit of the Surety and to use such money Ot other proceedS'forth"
<br />purpose of perfotming the contract and discharging the obligation of the bond, and for no other purpose, until the.billtd.ls
<br />completely exonerated.
<br />
<br />8. The Surety shall have the exclusive right to decide and determine whether any claim, liability,suit orj.udgJDent:m:\'i"
<br />or brought against the Surety or the Indemnitors or anyone of them on any such bond shall or shall not be paid, .co-:fr,:';
<br />mised, resisted, defended, tried or ap~ealed, and the Surety's decision thereon, if made in good faith shaJl be finaLa.uLbi ..'. .c.
<br />upon the Indemnitors, unless the Indemnitors shaJl request the Surety to litigate such claim or demand, or to defend-such snit;
<br />or to appeal from such judgment, and shall deposit with the Surety, at the time of such request, cash or collareralsatisfa.crory.
<br />to the Surety in kind and amount, to be used in paying any judgment or judgments rendered or that may be tendered; ",ith
<br />interest, costs. expenses and attorneys fces, including those of the Surety. An itemized statement of payments --maac- -~y_-"t-'ie
<br />Surety for any of the purposes specified herein, sworn to by an officer of the Surety, or the voucher-or vouchers for such-p.aymeors,
<br />shall be prima facie evidence of the liability of the lndemnirors to reimburse the Surety for such payments, with interest,
<br />
<br />9. The lndemnitors hereby authorize the Surety in its sole discretion to do the following: Ca) from time to time to make
<br />or consent to any change in, or issue any substi tute for or renewal of, any such bond, or in any_ contract referred- i:o:i~:-a:ny
<br />such bond, and this instrument shall apply to such substituted or changed bond or renewal; Cb) if any such bond be given in
<br />an action or proceeding in any court, to recognize any attorney of record in such acrion or proceeding for any party there,to_at ,the
<br />date of the execution of such bond as the authorized representative of such party until the Surety shall have been fully discharged
<br />from liability under such bond; Cc) to take such steps as the Surety may deem necessary or proper to obtain re1easefl'om liability
<br />from any such bond.
<br />
<br />10. The lndemnicors hereby waive notice of the execution of any such bonds or of any act, fact or information. coming
<br />to the notice or knowledge of the Surety concerning or affecting its rights or liabilities under any such- bond or ,rights or
<br />liabilities of the lndemnitors hereunder, notice of all such being hereby expressly waived.
<br />
<br />11. If the Surety shall procure any other company or companies to execute or join with it in executing, or rorei:ns~e,.
<br />any such bonds, this instrument shall inure to the benefit of such other company or companies, its or their, successors an~
<br />assigns, so as to give to it or them a direct right of action against the l!1demni-r:ors to enforce this instrument and, in that event,
<br />the word "Surety", wherever used herein, shall be deemed to include such c. .1any or companies, as their respective.inreresrs
<br />may appear,
<br />
<br />12. The liability of the Indemnitors hereunder shall not be affected by the failure of any parry to sign any such bond nor
<br />by any claim that other indemnity or security was to have been obtained nor by the release of any indemnity, or Indemnitor;
<br />nor the return or exchange of any collateral that may have been obtained; and if any party signing this instrument is -not_bouIid
<br />for any reason this obligation shall still be binding upon each and every other parry.
<br />
<br />13. Separate suits may be brought hereunder as causes of aCtion accrue, and suit may be brought against any or all of-the
<br />lademoitors; and suit or suits upon one or more causes of aCtion, or against one or more of the lndemnitors, shall not prejudice
<br />or bar subsequent suits against any other or all of the Iodemnirors on the same or any other cause or causes of action, whether
<br />theretofore or thereafter accruing.
<br />
<br />14. The lndemnitors \vaiyc any defense that this instrument was executed subsequent to the date of any such -bond,
<br />admitting and covenanting that such bond was executed pursuant to tbe lndemnirors' request and in reliance on the
<br />lndemnitors' promise to execute this instrument. In the event any pare of this indemnity agreement shall be yoid under the
<br />law of the place governing the construction hereof, then such part only shall be considered as deleted and the remainder -of
<br />this agreemeot shall endure in full force and effect.
<br />
<br />15. The Surety, at its option, may decline to execute or participate in or procure the execution of any such bonds.
<br />
<br />16. Wherever used in this instrument the plural term shall include the singular and the singular shall include the plural,
<br />as the circumstances require.
<br />
<br />17. The lndemnitors hereby irrevocably nominate, coostitute, appoint and designate the Surety or its designee as their
<br />Attorney in FaCt with the right, but not the obligation, to ex,ercise aU of the rights of Tndemnitors assigned, transferred and
<br />set oyer to the Surcty in this Agre-ernem, and in the name of the lndemnirors or any of them to make, execute and deliver
<br />any and all additional or other assignments, documents or papers, including but not limited to the:: execution of instruments
<br />referred to in Section 5, and the endorsement of checks or other instruments representing payment of contract monies, deemed
<br />necessary and proper by the Surety in order to gi\'e full effect not only to the intent and meaning of the within assignments, but
<br />a~so to the full p~otection intended to be herei.n given ro the Surety under all other provis~ons of this :^gr~enieq~~ The Indem-
<br />mtors hereby ratlly and affirm all acts and actIons taken and done by the Surety or ItS destgnee as such Attorney in Fact,
<br />
<br />18, The lndemnirors hereby waive and abandon, so far as [heir respective obligations under this agreement are concerned,
<br />all rights to claim any of the propeny, including the respective homesteads, as exempt from levy, execution, sale or other legal
<br />process under the laws of any state) territory, or possession.
<br />
<br />19. The obligation of the Indemnirors hereunder shall be continuous; proviJed, however, that any of the lndemnitors may
<br />give the Surety not less than thirty days written notice by registered mail of his desire to terminate this agreement but any
<br />such notice of termination shall not operate to modjfy, bar, discharge, limit, affect or impair his liability hereunder on,.ar by
<br />reason of, any such bond executed prior to the termination of such thirty Jays.
<br />
<br />20..This.a~reement roay not be changed or moditied orally. No change or modification shall be effective unless specifically
<br />agreed to WrItIng.
<br />
<br />-2- by;-::;;I::;,{ () 1\.'--9.,[ '~,
<br />
<br />
<br />u
<br />
<br />I
<br />L
<br />
<br />L
<br />
<br />I
<br />-.J
<br />
<br />L
<br />
|