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3. Leqal Descriptions. In the event either or both of the <br />legal descriptions set forth in Exhibit A or Exhibit B are <br />incorrect or unacceptable to the title company, Colony Square shall <br />at its expense prepare a new survey and legal descriptions of the <br />City Parcel and the Colony Square Parcel, which new legal <br />descriptions shall be certified by a surveyor duly licensed in the <br />State of Colorado and which shall be made a part of this Agreement <br />on or before the closing date. <br /> <br />4. Title Commitments and Policies. On or before fifteen <br />(15) days after the date execution of this Agreement by the City, <br />Colony Square shall provide to the City a current title insurance <br />commitment for the Colony Square Parcel in the amount determined by <br />the City, and the City shall provide to Colony Square a current <br />title insurance commitment for the City Parcel in the amount <br />determined by Colony Square. Each commitment shall be accompanied <br />by copies of any instruments listed in the Schedule of Exceptions, <br />and the title insurance commitment together with the copies of any <br />such instruments shall constitute the "Title Documents." Colony <br />Square shall pay at or before closing the premiums for the title <br />insurance policies on the Colony Square Parcel and the City Parcel. <br />The title insurance policies shall be delivered to as soon as <br />practicable after closing. <br /> <br />5. Documents Not of Record. Each party shall, within fifteen <br />(15) days of execution hereof, provide to the other party true <br />copies of all leases, surveys, inspection results or other reports <br />in the party's possession pertaining to the Parcel currently owned <br />by it, and shall disclose in writing to the other party all <br />easements, liens, licenses, or other matters not shown by the <br />public records and pertaining to the Parcel currently owned by it. <br /> <br /> 6. Merchantable Title. Title to the City Parcel shall be <br />merchantable in the City, and title to the Colony Square Parcel <br />shall be merchantable in Colony Square. The title commitments and <br />title policies shall contain no exceptions other than: <br /> <br /> a. with respect to both Parcels, rights-of-way, <br />easements, restrictions, and mineral reservations of record, <br />acceptable to the prospective grantee of the Parcel; and <br /> <br /> b. with respect to the Colony Square Parcel, taxes and <br />assessment for the current year, which shall be adjusted and <br />prorated to the date of delivery of the deed, based on the <br />most recent levy and assessment, and for which the City shall <br />obtain a credit at closing. <br /> <br /> 7. Title Review. Each party shall have the right to inspect <br />the Title Documents and the information provided to it pursuant to <br />Paragraph 5, and to conduct such other reviews as it deems <br />necessary to determine the state of title to the Parcel to be <br />conveyed to it. Should a party determine that title to the Parcel <br /> <br />2 <br /> <br /> <br />