Agenda - 12-06-1982 - Laserfiche WebLink

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ut..t„towns unuer the apptreame tnaururg Agreement,until. (b) Upon the death,resignation or removal of such-Ern- ..ever samained;provided,however,the Surety's total liability ployee;or - under each such insuring Agre'lement as to each Employee is (c) At 12 o'clock night upon the effective date specified limited to the applicable amount of indemnity specified in the in a written nonce mailed to the Obligee and the In- Table of Limits of Liability. sured. Such date shall be not less than thirty days . Regardless of the number of years this Bond shall continue after the date of mailing.The mailing by the Surety in force and the number of premiums tihich shall be payable of notice as aforesaid to the Obligee and tho Insured or p.ti,l, the limit of the Surety's liability as specified in the shall be sufficient proof of notice,. Delivery of such Table of Limits of liability shall not be cuntulatice from written notice by the Surety shall be equivalent to ycar to,year or period to period, mailing, This Bond may be canceled by the Obligee or the Insured LIMIT OF LIABILITY IUNDER THIS BOND by mailing to the Surety written notice stating when there- AND ANY PRIOR BOND after the cancelation shall be effective.This Blond may be canceled by the Surety by mailing to the Obligee,tad the Section 5. With respect to loss under Insuring Agree. Insured written notice stating when, not less than thirty event 1 or 3 caused by any Employee or in which such Em. days thereafter, such cancclation shall be effective. The ployee is concerned or implicated or which is chargeable to mailing of notice as aforesaid shall be sufficient proof of such Employee as provided in Section 2 of this Bond and with notice.Delivery of such written notice either by the Obligee respect to loss under lnsuringlAgreement 2 or 4 caused by or the Insured or by the Surety shall be equivalent to mail- any Employee or which is chargeable to such Employee as ing, if the Obligee or the insured cancels,earned premium prntided in Section 2 of this Bond and with respect to loss shall be computed in accordance with the customary short under any insuring Agreement which occurs partly during rate table and procedure. If the Surety cancels,earned pre- the Rand Period and partly during the period of other bonds reiutn shall be computed pro rota,Premium adjustments may itsucd by the Surety to the Insured or to any predecessor in be made at.the time cancelation is effective or as soon as interest of the Insured and terminated or canceled or allowed practicable after cancelation becomes effective,but payment to expire and in which the period specified therein for bring• or tender of unearned premium is not a condition of cancela- ittg suit, action or proeeeeling of any kind, or if no such lion. period is specified therein,then within the period prescribed if any of the cancelation provisions set forth in either or y the applicable statute of limitations, has not expired et both of r the foregoing paragraphs of this Section ore ro- ►!te time such loss thereunder is discovered, the total hibited or made void by any any controlling the construction liability of the Surety under this Bond and under such other of this Bond,such provisions to the extent the are so pro• bonds shall not exceed,. in the aggregate, the amount hibited or made said shall be deemed to be nullified and of no carried under the applicable ilnsuring Agreement of this effect. Bond on'such loss or the amount available to the Insured under such other bonds, as limited by the terms and condi- LEGAL PROCEEDINGS ; lions thereof,for any such loss'if the fatter amount be larger. Section 7. No suit, action or proceeding of any kind to recover on account of loss under this Bond shall be brought CANCELATIOiI after the expiration of three years from the cancelation of this ldond as an entirety provided, however, that if such Section 6, This Bond shall be deemed canceled as to any limitation for bringing suit, action or proceeding is pro- Employee: I hihited or made void by any law controlling the construction (a) Immediately upon discovery by the Obligee or the of this Bond,such limitation shall be deemed to be amended Insured of any act on the part of such Employee so os to be equal to the minimum period of the limitation ; which would constitute a liability of the Surety under permitted by such law. In witness whercof, the Surety has caused this Bond to be executed on the Declarations page. t . . _ c 'S f fir' I i ,. T .. Y F: