Error: Object reference not set to an instance of an object. When enabling Email to sponsorships for Sponsorship Status part

When creating a Sponsorship Status part with the functionality to allow Sponsors to email their Sponsorships, an application error is received for the sponsor user record when accessing the part after enabling this feature.
This error is caused due to the Email Template not being created for the Email feature for the Sponsorship Status part. 

To resolve, create the Email template with these steps: 
  1. Edit the Sponsorship status part
  2. Scroll down to the Email section
  3. Click the Add Email button
  4. Enter the name of the Email Template and Enter the Email Template content to meet your organizations needs
  5. Click Save

Steps to Duplicate

Steps to duplicate: 
  1. Edit a page with a Sponsorship Status Part
  2. Edit the part
  3. Mark the checkbox for Allow sponsors to send email to their sponsorships
  4. Click Save
  5. Login to BBIS with a Sponsor User record
  6. Go to the Page with the Sponsorship Status part
  7. Notice the Application error received, which correlates to the following error on the server: 

990335    System.NullReferenceException    Object reference not set to an instance of an object.    at Blackbaud.AppFx.Sponsorship.ContentManagement.EmailOpportunity.BindEmailDropDownItem(Object sender, EventArgs e) at System.Web.UI.WebControls.ListControl.PerformSelect() at Blackbaud.AppFx.Sponsorship.ContentManagement.EmailOpportunity.BindTemplates(Int32 activeTemplate) at Blackbaud.AppFx.Sponsorship.ContentManagement.EmailOpportunity.DataBind() at Blackbaud.AppFx.Sponsorship.ContentManagement.StatusDisplay.EmailOpportunityControl_Load(Object sender, EventArgs e) at System.EventHandler.Invoke(Object sender, EventArgs e) at System.Web.UI.Control.LoadRecursive() at System.Web.UI.Control.LoadRecursive() at System.Web.UI.Control.LoadRecursive() at System.Web.UI.Control.LoadRecursive() at System.Web.UI.Control.LoadRecursive() at System.Web.UI.Control.LoadRecursive() at System.Web.UI.Control.LoadRecursive() at System.Web.UI.Control.LoadRecursive() at System.Web.UI.Control.LoadRecursive() at System.Web.UI.Control.LoadRecursive() at System.Web.UI.Control.LoadRecursive() at System.Web.UI.Control.LoadRecursive() at System.Web.UI.Control.LoadRecursive() at System.Web.UI.Control.LoadRecursive() at System.Web.UI.Control.LoadRecursive() at System.Web.UI.Control.LoadRecursive() at System.Web.UI.Page.ProcessRequestMain(Boolean includeStagesBeforeAsyncPoint, Boolean includeStagesAfterAsyncPoint)    10/20/2015 9:26:14 PM

Environment

 Blackbaud Internet Solutions
 4.0

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