E.I.I. REALTY SECURITIES, INC.
000 Xxxxxxx Xxxxxx
Xxx Xxxx, XX 00000
May 4, 1998
E.I.I. Realty Securities Fund
000 Xxxxxxx Xxxxxx
Xxx Xxxx, XX 00000
Ladies/Gentlemen:
E.I.I. Realty Securities, Inc. ("E.I.I.") hereby offers to purchase
10,000 shares of E.I.I. Realty Securities Fund (the "Seed Capital Shares"). This
letter will confirm that E.I.I. is purchasing the Seed Capital Shares for its
own account for investment purposes only and not with a view to reselling or
otherwise distributing such shares.
E.I.I. agrees and hereby undertakes that, in the event any of the Seed
Capital Shares are redeemed during the period of amortization of the Fund's
organizational expenses, the redemption proceeds will be reduced by any
unamortized organizational expenses in the same proportion as the number of Seed
Capital Shares being redeemed bears to the number of Seed Capital Shares
outstanding at the time of redemption.
Sincerely,
/s/Xxxxxxx X. Xxxxx
-------------------
Xxxxxxx X. Xxxxx
Managing Director
E.I.I. Realty Securities, Inc.
