PURCHASE AGREEMENT
Xxxxxxx Mutual Funds, Inc. (the "Company"), a corporation organized
under the laws of the State of Maryland, and Xxxxxxx, Xxxxxxx & Xxxxx, Inc.
("Xxxxxxx") hereby agree as follows:
1. The Company offers and Xxxxxxx hereby purchases 8,334 shares of the
Company's investment fund, Xxxxxxx Gold Fund, having a par value of $.0l per
share (the "Shares") at a price of $12.00 per Share. Xxxxxxx hereby acknowledges
receipt of one certificate representing the 8,334 Shares and the Company hereby
acknowledges receipt from Xxxxxxx of $100,008 in full payment for the Shares.
2. Xxxxxxx represents and warrants to the Company that the Shares are
being acquired for investment purposes and not for the purpose of distributing
them.
3. Xxxxxxx agrees that if it redeems any Shares before five years
after the date of this agreement, it will pay to the Company an amount equal to
the number resulting from multiplying the Company's total unamortized
organizational expenses by a fraction, the numerator of which is equal to the
number of Shares redeemed and the denominator of which is equal to the aggregate
number of Shares outstanding at the time of such redemption.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the 18th day of August, 1988.
XXXXXXX MUTUAL FUNDS, INC.
By: /s/ Juris Padegs
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ATTEST:
/s/ Xxxxxxx X. Xxxxx
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XXXXXXX, XXXXXXX & XXXXX, INC.
By: [illegible]
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ATTEST:
/s/ Xxxxx X. Xxx
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