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Stone& Youngberg LLC <br /> MBIA Insurance Corporation <br /> July 26, 1996 <br /> Page Three <br /> for the issuance of the Bonds, or the validity or enforceability of the Bonds or the City <br /> Documents; or(e) in any way question or affect the transactions contemplated by the <br /> Purchase Contract or the Official Statement, or any activity relating to the portion of the <br /> Project to be financed by the Bonds. <br /> 8. The information contained in the Official Statement under the <br /> captions "THE MEMBERS AND THE LEASED PREMISES, " "THE PROJECT" (to <br /> the extent the matters therein relate to the Member), "LITIGATION" and "APPENDIX B <br /> - "Information Concerning Members and Description of Leased Premises" (to the extent <br /> the matters therein relate to the Member) is correct in all material respects and does not <br /> contain any untrue or misleading statement of a material fact or omit a material fact <br /> required to be stated therein or necessary to make the statements therein, in the light of <br /> the circumstances under which they were made, not misleading. <br /> 9. The encumbrances set forth as exceptions to the title insurance <br /> policy obtained by the City with respect to the Leased Premises constitute"Permitted <br /> Encumbrances"as defined in the Lease Agreement, and such encumbrances do not <br /> materially impair the use of the Leased Premises and the sites thereof for the purposes for <br /> which they are, or may reasonably be expected to be,held. <br /> Very truly yours, <br /> James L. Markman <br /> City Attorney <br /> City of Brea <br /> JLM:pm <br /> L\BREA\LREVBOND\B 1.1 <br />