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<br />(c) Other Interests. With respect to the property described in Sections 1.1 (a) and (b), all
<br />and singular the tenements, hereditaments and appurtenances belonging or in any wise appertaining
<br />to such property, or any part thereof, including, without limitation, all reversionary interests and
<br />reversions, remainders, and all the right, title, interest, estate and claim whatsoever, at law as well
<br />as in equity, of Grantor in and to the above described property from and after the Effective Date.
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<br />(The property described in (a) through (c) of this Section 1.1 shall be referred to herein
<br />collectively as the "Subject Property").
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<br />TO HA VE AND TO HOLD the Subject Property, subject to the terms and conditions hereof,
<br />unto Grantee, its successors and assigns, forever and Grantor binds itself, its successors and assigns,
<br />subject to the Permitted Encumbrances, to warrant and forever defend the Subject Property unto
<br />Grantee, its successors and assigns, against every person lawfully claiming the same or any part
<br />thereof by, through or under Grantor, but not otherwise.
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<br />ARTICLE II
<br />ENCUMBRANCES AND WARRANTY DISCLAIMERS; ASSUMPTION
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<br />2.1 Permitted Encumbrances.
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<br />This Conveyance is made and accepted expressly subject to (i) the terms and conditions set
<br />forth in the easements, rights of way and other instruments described in Exhibit A and to all recorded
<br />and unrecorded liens, charges, encumbrances, contracts, agreements, instruments, obligations,
<br />defects, irregularities, mortgages, pledges, restrictions, security interests, options or preferential
<br />rights to purchase, adverse claims, reservations, exceptions, easements, rights-of-way, conditions,
<br />leases, other matters affecting the Subject Property or to which it is subject, including, without
<br />limitation, all matters of record in the county or counties in which the Subject Property is located and
<br />all laws, rules, regulations, ordinances, judgments and orders of governmental authorities or tribunals
<br />having or asserting jurisdiction over the Subject Property or the business and operations conducted
<br />thereon, in each case to the extent the same are valid, enforceable and affect the Subject Property;
<br />(ii) and to all matters that a current surveyor visual inspection would reflect (collectively, the
<br />"Permitted Encumbrances") provided, however, that the Permitted Encumbrances shall not be
<br />deemed to include any liens, charges, encumbrances, mortgages or security interests arising out of,
<br />pertaining to or connected with borrowed funds for either (a) acquisition of the Easements or
<br />(b) construction of the Pipelines.
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<br />2.2 Disclaimer of Warranties: Subrogation.
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<br />(a) Except as expressly set forth herein, this Conveyance is made without warranty of
<br />title, express, implied or statutory, and without recourse, but with full substitution and subrogation
<br />of Grantee, and all persons claiming by, through, and tmder Grantee, to the extent assignable, in and
<br />to all covenants and warranties by the predecessors in title of Grantor and with full subrogation of
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<br />HOU:590942.3
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