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IN CONSIDERATION of the execution of the bond for which application is made, the undersigned (collectively, “Applicant”) for themselves, their personal representatives, heirs, successors and assigns, hereby agree with, warrant and represent to, and bind themselves jointly and severally to, Surety and its co-sureties, re-insurers, and any other company which may execute a bond or bonds at the request of Surety (individually and collectively called Surety as follows:
Applicant agrees that Surety may make any credit checks, including consumer and investigative credit checks, it deems necessary.
Applicant warrants and represents that the questions answered and information furnished in connection with the application are true and correct.
Applicant agrees to indemnify and keep indemnified Surety and its agents and representatives and hold and save it them harmless from and against any and all liability, damage, loss, cost and expense of whatsoever kind or nature, including consul and attorney’s fee, which Surety or its agents or representatives may at any time sustain or incur by reason or in consequence of have executed or procured the execution of orcing this agreement against any of the undersigned or in procuring or in attempting to procure its release from liability under the bond.
If Surety shall set up a reserve to cover any liability, claims, suit or judgment under said bond, the undersigned will, immediately upon demand, deposit with Surety a sum of money, equal to such reserve and any increase thereof, to be held by Surety as collateral security on said bond. Any such collateral shall be available, in nds heretofore or hereafter executed for at the requests of any of the undersigned.
If Surety shall procure any other company or companies to execute or join with it in executing, or to reinsure said bonds, this instrument shall insure pany or companies, its or their successors and assigns, so as to give it or them a direct right of actions against the mnitors to enforce the provisions of this instrument.
An itemized statement of payments made by Surety, sworn to evidence of the liability of theundersigned to reimburse Surety for such payments with interests.
Surety in it sole discretion and without notice to the undersigned, is hereby authorized but not required from time to: (a) make or consent to any change in said bond or to issue any substitutes for any renewal thereof, and this instrument shall apply to such substituted or changed bond or renewal; (b) take such action as it may deem appropriate to prevent or minimize loss under said bond, including but not limited to steps to procure discharge from liability under said bonds, and (c) adjust, settle or compromise any claim or suit arising under said bond and, with respect to any such claims or may deem appropriate and any adjustment, settlement or compromise made or action taken by Surety shall be conclusive ainst and binding upon the undersigned.
Each of the undersigned agrees to pay the full amount of the foregoing regardless of (a) the failure of the principal or any applicant or indemnitor to sign any such bond or (b) any claims that other indemnity, security or collateral was to have been obtained or (c) the release, return or exchange by Surety with or without the consent of the undersigned, o en obtained or (d) the fact that any party signing this instrument is not bound for any reason.
The undersigned hereby expressly waive notice from Surety of any claims or demand made against Surety or the principal under the bond or of any information Surety may receive concerning the principal, any contract, or bond. Surety shall have to right to decline any or all bonds herein appliedall have the right to withdraw from or cancel the same at any time, all without incurring any liability to the undersigned.
Whenever used in this instrument the plural term shall include the singular and the singular shall include the plural, as the circumstances require. If any portion of this agreement be in conflict with any law controlling the construction hereof, such portion of this instrument shall be considered to be deleted tinue in full force and effect. A facsimile of this Agreement shall be considered an original and shall be admissible in a court at law to the same extent as an original copy.
All obligations of the principal, applicants, and indemnitors to Surety are due, payable, and performable in where venue of any action to enforce this agreement may be brought by surety. Surety shall be entitled to recover all attorney’s fees (including those of by Surety), consulting fees, and claims adjustment expenses in defending any claims made against its bonds or in enforcing any its rights under this Agreement.
In consideration of the execution by Surety of the suretyship herein applied for, each of the undersigned, jointly and severally, agree to be bound by all of the terms of the foregoing indemnity agreement executed by the applicant, as fully as though each of the undersigned were the sole applicant named herein, and admit to being financially interested in the performance of the obligation, which the suretyship applied for is given to secure.
Important Signature Instructions
If sole owner, applicant must sign as duly authorized representative. Spouse must sign as additional indemnitor below.
If a general partnership, an authorized partner must sign as duly authorized representative. All authorized partners and spouses must sign as additional indemnitor below.
If a corporation the president must sign as the authorized representative. All stockholders of 10% or more and spouses must sign as additional indemnitor below.
