July 22, 2005 Cohen & Steers Capital Management, Inc. 757 Third Avenue New York, New York 10017 Dear Sirs: Cohen & Steers Dividend Value Fund, Inc. (the "Fund") hereby accepts your offer to purchase 100 Class A shares, 100 Class C shares and 8,550...

                                                                     Exhibit (l)

                    Xxxxx & Steers Dividend Value Fund, Inc.
                                000 Xxxxx Xxxxxx
                            Xxx Xxxx, Xxx Xxxx 00000

                                                     July 22, 2005

Xxxxx & Steers Capital Management, Inc.
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000

Dear Sirs:

     Xxxxx & Steers Dividend Value Fund, Inc. (the "Fund") hereby accepts your
offer to purchase 100 Class A shares, 100 Class C shares and 8,550 Class I
shares, each at a price of $11.46 per share for an aggregate purchase price of
$100,275. This agreement is subject to the understanding that you have no
present intention of selling or redeeming the shares so acquired.

                                        Sincerely,

                                        Xxxxx & Steers Dividend Value Fund, Inc.


                                        By:
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Accepted:

Xxxxx & Steers Capital Management, Inc.


By:
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