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INDEMNITY
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I agree to indemnify ________ in connection with any bond executed on behalf of
the person or entity named as “Applicant” above. I certify that all the information
is true, and acknowledge that Surety is relying on this information to issue a bond.
I agree that proof of falsity of any statement will be prima facie proof of material,
intentional and fraudulent misrepresentation for all purposes of law and equity.
I authorize Surety or its agents to investigate my credit, now and at any time in
the future, with any institution, person or entity. I further agree: 1) To pay Surety
each premium or premiums due, until satisfactory evidence that Surety’s Liability
is terminated. 2) To pay Surety all sums demanded by surety to cover liability,
claim, suit or judgment against the bond, including any legal fees and expenses.
3) To hold harmless and indemnify surety from any and all liability, damages, loss,
costs, and expenses of every kind, including attorney fees, which may be sustained
or incurred arising out of the execution, enforcement, procurement of release or
other action involving the application and/or issuance of the bond. 4) To pay interest,
at the highest legal rate allowed, in the event of any payment by surety, from the
date such payments are made. 5) That Surety has the exclusive right to defend, settle,
pay or appeal any claim, and an itemized statement of loss and expense incurred
by Surety shall be prima facie evidence of the fact and extent of my liability to
Surety. 6) That Surety may decline to become a surety on any bond, may cancel or
amend any bond with or without cause, alter the penalty, terms and conditions of
any bond, complete any blanks contained in the application or indemnity agreement
at the time of execution, or procure its release from said suretyship under any
law for release of sureties; all without liability to Surety thereon. 7) To provide
Surety with cash or other property acceptable to Surety, upon demand, as collateral
security for any loss reserve. Surety may hold such collateral security until it
has determined that it is no longer exposed to a loss and may retain or sell collateral
security to reimburse itself. 8) That a facsimile copy of this agreement shall be
considered an original and shall be admissible in a court of law to the same extent
as the original agreement. 9) This agreement shall apply to all renewals, continuations,
substitutions and extensions of the suretyship herein applied for. ASSIGNMENT- As
security for the performance of Bonds of all the provisions of this Indemnity, the
Undersigned hereby assign, transfer, pledge and convey to the Surety (effective
as of the date of each such Bond or Bonds, but only in the event of a claim): A.
All rights arising out of insurance policies, notes and accounts receivable, and
chooses in action. POWER OF ATTORNEY-The Underwriter hereby irrevocably nominate,
constitute, appoint and designate the Surety or its designee as their attorney-in-fact
with the power, but not the obligation, to exercise all of the rights assigned,
transferred and set over to the Surety by the Undersigned in this Indemnity, and
to make, execute and deliver any and all additional or other assignments, documents
or papers, including but not limited to: the endorsement of checks or other instruments
payable to any of the Undersigned deemed necessary and proper by the Surety in order
to give full effect to the intent and meaning of the within assignment and for the
full protection intended to be given to the Surety under all provisions of the Indemnity.
Indemnitors agree that any Obligee on any bond written pursuant to this Agreement
is specifically authorized and requested to disclose any and all information, including
providing copies of documents, whether deemed confidential or not, requested by
the Surety in it's investigation of any claim. The Undersigned hereby ratify and
affirm all acts and actions taken by the Surety or its designee as attorney-in-fact.
Signed this
5th day of
January,
2009.
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