INVESTMENT LETTER
XXXXXXXX NEW JERSEY TAX-EXEMPT FUND, INC.
Xxxxxxxx New Jersey Tax-Exempt Fund, Inc. (the "Fund"), an open-end,
non-diversified management investment company, and the undersigned
("Purchaser"), intending to be legally bound, hereby agree as follows:
1. The Fund hereby sells to Purchaser and Purchaser purchases 1 Class D share
(the "Share") of Capital Stock (par value $.001) of the Fund at a price
equivalent to the net asset value of one share of the Fund as of the close
of business on January 31, 1994. The Fund hereby acknowledges receipt from
Purchaser of funds in such amount in full payment for the Share.
2. Purchaser represents and warrants to the Fund that the Shares are being
acquired for investment and not with a view to distribution thereof, and
that Purchaser has no present intention to redeem or dispose of the Share.
IN WITNESS WHEREOF, the parties have executed this agreement as of the 31st day
of January, 1994.
SELIGMAN NEW JERSEY TAX-EXEMPT FUND, INC.
By:
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Name: Xxxxxxxx X. Xxxxx
Title: Vice President
X. & X. XXXXXXXX & CO. INCORPORATED
By:
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Name: Xxxxxxxx X. Xxxxx
Title: Senior Vice President
