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of ....................................................................... ...... as principal and the NATIONAL SURETY COMPANY, a corporation under the laws of the State of New York (hereinafter called the Company), as surety, are held and firmly bound unto

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of ................................ ------------ - - - - - - - - - - - - - - - (hereinafter called the obligee) in the penal sum of....................... ... ------------- -------------------------- - - - - - - Dollars ($................. ) (which sum is hereby agreed to be the maximum liability here

under) lawful money of the United States of America, well and truly to be paid, and for the payment of which we and each of us hereby bind ourselves, our heirs, executors, administrators and successors, jointly and severally, firmly by these presents.

Dated this ............. ................day of ........... - - - - - - - - - - - - - - - - - - - , 19...... #}}treag, said principal has entered into a certain contract in writing, bearing date ------'......................., 19......, with the said obligee, .............................

a copy of which is hereto attached, and is hereby referred to and made a part hereof.

footu, Qsìjertfort, the condition of this instrument is such that if the said principal

shall well and truly perform the terms and provisions of said contract on the part of said principal
required to be performed, then this instrument shall be null and void, otherwise to be and re-
main in full force and effect; Provided, however, and this instrument is executed by the Company
as surety upon the following express conditions, which shall be precedent to the right of recov-
ery hereunder.
1. The Company shall not be liable for the infringement of any patent, or for the validity of
any letters patent granted by the United States Government concerning any patented article
which is required by said contract to be furnished by said principal.
2. The obligee shall, at the times and in the manner specified in said contract, perform all the
covenants, matters and things required to be by the obligee performed; and if the obligee default in
the performance of any matter or thing in this instrument, or in said contract agreed or required to
be performed by the obligee, the Company shall thereupon be relieved from all liability hereunder.
3. If said principal shall in any manner default in the performance of any matter or thing in
said contract specified to be by said principal performed, or in the event of said principal aban-
doning the work provided by said contract to be done by said principal, the obligee shall immedi-
ately so notify the Company and thereafter the Company shall have the right at its option to as-
sume 2nd sublet said contract and to proceed thereunder as if no default or abandonment had oc-
curred; and if the Company elect to assume said contract, all moneys agreed therein to be paid
said principal and which at the time of the default be due the principal shall thereupon become pay-
able to the Company, and shall be paid to it, anything to the contrary in said contract notwith-
standing. -
4. If at any time during the prosecution of the work specified in said contract to be performed
there come to the notice or knowledge of the obligee the fact that any claim for labor performed
or for materials or supplies furnished the said principal in or upon said work remains unpaid or
that any lien or notice of lien for such work, materials or supplies has been filed or served, the ob-
ligee shall withhold payment from the principal of any moneys due or to become due to the prin-
cipal under said contract until the payment of such claim or the cancellation and discharge of
such lien or notice of lien, if any, and will so notify the Company, giving a statement of the partic-
ular facts and amount of each such claim, lien or notice of lien.
5. If any changes or alterations by the principal and obligee be made in the plans or specifi-
cations for the work mentioned in said contract, the obligee shall immediately so notify the
Company of such changes or alterations, giving a description thereof and stating the amount of
money involved by such changes or alterations. Provided, however, that when the cost of said
changes or alterations shall in the aggregate amount to a sum equal to ten per cent. of the penal
sum of this bond, no further changes or alterations shall be agreed upon by the principal and obli-
gee, until the consent of the Company shall first be obtained thereto.
6. In the event of the destruction of or injury to the work specified in said contract by fire,
riot, mob, the elements, earthquake, cyclone, tornado, lightning, public enemy or any act of God,
or through so-called strikes or labor difficulties, neither the principal nor the Company shall be
liable for any loss or damages whatsoever resulting therefrom.

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63 7. None of the conditions or provisions contained in this instrument shall be deemed waived

64 by the Company unless the written consent to such waiver be duly executed by its President or

65 Vice-President and its seal be thereto affixed duly attested; nor shall this instrument or any rights

66 thereunder be assignable unless with the like consent duly executed and attested as aforesaid.

67 8. No action, suit or proceeding shall be had or maintained against the Company on this in

68 strument unless the same be brought or instituted and process served upon the Company therein

69 within six months after the date or time fixed in said contract for the completion of the work men

70 tioned therein.

71 9. Al l notices and other evidence required by this instrument to be furnished by the obligee

72 to the Company shall be in writing, and shall be forwarded by registered letter addressed to the

73 Company at its principal offices in the City of New York.

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as Principal , and NATIONAL SURETY COMPANY, a Corporation organized under the Laws of the State of New York, as Surety, are held and firmly bound unto the Commonwealth of Pennsylva

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nia, in the sum of ~~~~~...~~~...~...~~~~~~

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Dollars, to be paid to the said Commonwealth: to which payment well and truly to be made, we bind ourselves, jointly and severally, for and in the whole, our heirs, executors, administrators, successors and assigns, and each and every of them, firmly by these presents.

Sealed with our seals Dated the ...................................— day of .................................. in the year of our Lord One Thousand Nine Hundred .......................................— ............[190 ) the condition of this obligation is:

That if the above bounden...............----.............................-----------Administrat of all and singular the Goods, Chattels and Credits of

deceased, do immediately publish for Creditors, etc., and make, or cause to be made, a true and perfect inventory and inventories according to law, of all and singular the Goods, Chattels and Credits of the said deceased, which have come, or shall come, to the hands, possession or knowledge of the said Administrat , as aforesaid, or unto the hands or possession of any other person or persons for and the same so made do exhibit, or cause to be exhibited, into the Register's Office, in the County of Philadelphia, within thirty days from the date hereof, and the same Goods, Chattels and Credits, and all other the Goods, Chattels and Credits of the said deceased at the time of death, which at any time after shall come to the hands or possession of the said Administrat as aforesaid, or unto the hands or possession of any other person or persons for do well and truly administer according to law. And further do make or cause to be made, a just and true account of said Administration within one year of the date hereof, or when thereunto legally required. And all the rest and residue of the said Goods, Chattels and Credits, which shall be found remaining upon such Administrat account (the same being first examined and allowed by the Orphans' Court of the City and County of Philadelphia), shall deliver and pay unto such person or persons respectively as the said Orphans' Court, by their decree and sentence pursuant to law, shall limit and appoint, and shall well and truly comply with the laws of this Commonwealth relating to Collateral Inheritances. And if it shall hereafter appear that any last Will and Testament was made by the said deceased, and the same shall be approved according to law, if the said Administrat as aforesaid, being thereunto required, do surrender the said Letters of Administration into the Register's Office aforesaid then this obligation to be void-otherwise to be and remain in full force.

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and on......... -------- --solemn........did depose, declare and say, That..........-....................-. believe that the within-mentioned decedent on the ................................ day of........................A. D. 190

at:---------o'clock............M., died without a will. That............will, as the Administrat aforesaid well and truly administer the Goods, Chattels and Personal Estate, agreeably to law. That.................... will immediately publish for creditors once a week, for six consecutive weeks, and render into the Register's Office, within thirty days of this date, a just and true inventory and appraisement of the personal estate of said deceased, and additional inventories when necessary. Also, a just and true

account calculating and reckoning of............................said administration in one year from this date, or when thereunto legally required. That....................................will well and truly comply with the provisions of the law relating to collateral Inheritances. And also that......---------..... And also that the whole of the Goods, Chattels, Rights and Credits of the personal estate........................ died possessed of.--------------------------in the aggregate, do not in value exceed the sum of ------------------------------------------------------------------------------------------------------------------- Dollars, to the best of........................knowledge and belief. ---..and subscribed before me the day and year aforesaid, and letters ---------------- ----of administration granted unto............................ ---------------------) i | ; i 8. : o3 : ~. * ; : i c t |s | < i i i i i # i i # i : 's ; : •- i : .5 i # < i * : ‘S. ; : o ; o ! § ; § o : > so : §

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CHAPTER XXX
TITLE INSURANCE

A TITLE-INSURANCE policy promises to protect the owner of property, or the lender of money on property, against loss or damage which he may sustain because of any defect in the title or because of its unmarketability, or because of unknown liens or incumbrances against the property at the time the policy is issued. Such policies protect only against loss arising from defects in the title which existed prior to the issuance of the policy, and do not cover defects which

arose subsequent to the date in the contract. In other

words, the title-insurance policy relates only to the past; it protects the title as it stands when the policy is written, and is unique among all the various types of insurance in so far that it “ends where other insurance begins, namely, at the date of the policy.” A title-insurance policy is written by the company on the theory that no known risks are assumed. Before issuing the policy, the company undertakes a careful examination of all the records and facts which may have a bearing upon the title of the premises which it is proposed to insure, with a view to discovering all defects that may exist. If any are found, they are carefully described in the policy, and then declared to be risks for which the company cannot be held liable. Title insurance thus promises to pay only those losses which result from errors made in the examination of the title from the records, or from defects which were not discovered because they were not recorded. In this connection it should be remembered that there is always a pos

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