The permittee of any permit issued hereunder shall indemnify, save and hold harmless, against and from all damages, judgments, decrees, costs and expenditures which the city, or such officer or employee, may suffer, or which may be recovered from, or obtainable against the city, or growing out of or resulting from the exercising by the permittee of any or all of the rights or privileges authorized by said permit, or by reason of any act or acts of the permittee or its servants or agents, in exercising such authorization. (Prior code § 76300)