Special Warrant. Unimpaired the joint character of the LENDERS in the operation with regard to the development and operative of the same, the Agent acts, not only for himself but as special agent with an irrevocably character of the LENDERS, understanding that payments from any nature derived from the contract will have to be made by the BORROWER precisely to the Agent, providing liberator effects to the BORROWER as if they had been received in the corresponding proportion by the others who take part in the loan. Whereas, and whenever the contrary is not expressed, any modification made or received by the Agent will provide the same effects as if it had been formulated by all the LENDERS. 17.34
Special Warrant. THIS AGREEMENT IS MADE WITHOUT ANY WARRANTY OF TITLE TO THE LEASES EXCEPT BY, THROUGH AND UNDER Chevron. WITH THE EXCEPTION OF THIS LIMITED WARRANTY, Chevron DOES NOT WARRANT EITHER EXPRESS, STATUTORY OR IMPLIED, AS TO TITLE, MERCHANTABILITY, CONDITION, QUALITY OR FITNESS FOR A PARTICULAR PURPOSE AS TO THE Chevron LEASES, AND ALL OTHER PROPERTY COVERED BY THIS AGREEMENT, INCLUDING, BUT NOT LIMITED TO THE WELL BORES, EQUIPMENT AND FACILITIES UTILIZED BY THE PARTIES HEREUNDER, OR ANY OTHER SORT OF WARRANTY AND IS WITHOUT RECOURSE AGAINST Chevron WHATSOEVER, EVEN AS TO THE RETURN OF CONSIDERATION. Chevron REPRESENTS THAT IT HAS NOT ASSIGNED OR MORTGAGED THE Chevron LEASES. Chevron MAKES NO REPRESENTATIONS OR WARRANTIES REGARDING RIDGEWOOD'S RIGHT OF INGRESS TO AND EGRESS FROM THE Chevron LEASES ACROSS ADJACENT OR ADJOINING LANDS. Chevron SPECIFICALLY DISCLAIMS, AND RIDGEWOOD EXPRESSLY WAIVES THE IMPLIED WARRANTY OF TITLE NOTED IN LA. R. S. 31:120 WITH RESPECT TO THE Chevron LEASES. RIDGEWOOD ACKNOWLEDGES THAT THIS EXPRESS WAIVER SHALL BE CONSIDERED A MATERIAL AND INTEGRAL PART OF THIS AGREEMENT AND PART OF THE CONSIDERATION GIVEN THEREFOR. RIDGEWOOD FURTHER ACKNOWLEDGES THAT THIS WAIVER HAS BEEN SPECIFICALLY BROUGHT TO RIDGEWOOD'S ATTENTION AND THAT RIDGEWOOD HAS VOLUNTARILY AND KNOWINGLY CONSENTED TO THIS WAIVER. THE PARTIES AGREE THAT FOR THE PURPOSES OF THIS WAIVER OF THE IMPLIED WARRANTY OF TITLE, Chevron AND THEIR AFFILIATES SHALL BE CONSIDERED AS THE SELLER HEREUNDER AND RIDGEWOOD EXPRESSLY WAIVES ALL RIGHTS OF SUBROGATION IN WARRANTY OF THE SELLER AGAINST OTHER PERSONS GRANTED TO A BUYER BY LOUISIANA CIVIL CODE ARTICLE 2503. RIDGEWOOD ACKNOWLEDGES THAT (i) IT IS A SOPHISTICATED INVESTOR AND OPERATOR IN THE OIL AND GAS BUSINESS; (ii) IT UNDERSTANDS THE RISKS INVOLVED IN OIL AND GAS EXPLORATION AND DEVELOPMENT; AND (iii) IT UNDERSTANDS THAT ITS PARTICIPATION IN THIS AGREEMENT IS A HIGHLY RISKY UNDERTAKING AND THAT RIDGEWOOD MIGHT NOT RECOVER ANY OF ITS INVESTMENT MADE HEREUNDER.
