1
EXHIBIT (13)
PURCHASE AGREEMENT
The Sessions Group (the "Group"), an Ohio business trust, and Winsbury
Associates ("Winsbury"), an Ohio partnership, hereby agree with each other as
follows:
1. The Group hereby offers Winsbury and Winsbury hereby purchases 100,000
Series A units of beneficial interest in the Group (such units of beneficial
interest being hereinafter known as "Shares") at a price of $1.00 per Share.
Winsbury hereby acknowledges purchase of the Shares and the Group hereby
acknowledges receipt from Winsbury of funds in the amount of $100,000 in full
payment for the Shares.
2. Winsbury represents and warrants to the Group that the Shares are being
acquired for investment purposes and not with a view to the distribution
thereof.
3. Winsbury agrees that if it or any direct or indirect transferee of any
of the Shares redeems any of the Shares prior to the second anniversary of the
date the Group begins its investment activities, Winsbury will pay to the Group
an amount equal to the number resulting from multiplying the Group's total
unamortized organizational expenses by a fraction, the numerator of which is
equal to the number of Shares redeemed by Winsbury or such transferee and the
denominator of which is equal to the number of Shares outstanding as of the date
of such redemption, as long as the administrative position of the staff of the
Securities and Exchange commission requires such reimbursement.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the 19th day of July, 1988.
Attest: THE SESSIONS GROUP
/s/ Xxxxxxx X. Xxxxxxxxx By /s/ J. Xxxxx Xxxxx
----------------------------------- -----------------------------------
Xxxxxxx X. Xxxxxxxxx J. Xxxxx Xxxxx
President
WINSBURY ASSOCIATES
By /s/ G. Xxxxxx Xxxxxxxxx
-----------------------------------
G. Xxxxxx Xxxxxxxxx
a partner
