PURCHASE AGREEMENT
Cranbrook Funds, a diversified, open-end management investment
company (the "Fund"), and First of Michigan Corporation ("FOM"), a Michigan
corporation, intending to be legally bound, hereby agree as follows:
1. FOM has previously purchased 10,000 shares of common stock
of the Fund and paid to the Fund the sum of $10,000 for such
shares. In order to provide the Fund with the initial capital
required under Section 14 of the Invesment Company Act, the Fund
hereby sells to FOM and FOM hereby purchases, 90,000 shares of
common stock of the Fund (the "Shares") at $1.00 per share. The
Fund hereby acknowledges receipt from FOM of $90,000 in full
payment for the Shares.
2. FOM represents and warrants to the Fund that the Shares are
being acquired for investment and not with a view to distribution
thereof and that FOM has no present intention to redeem or dispose
of any of the Shares.
3. FOM hereby agrees that it will not redeem any of the Shares
or the shares of the Fund previously purchased prior to the time
that the Trust has completed the amortization of its organizational
expenses. In the event that the Fund liquidates before the
deferred organizational expenses are fully amortized, then the
Shares shall bear their proportionate share of such unamortized
organization expenses.
IN WITNESS WHEREOF, the parties have executed this agreement on
December 15, 1994.
CRANBROOK FUNDS
By: /S/ XXXXXX X. XXXXX
Its: PRESIDENT
FIRST OF MICHIGAN CORPORATION
By: /S/ XXXXX XXXXXX
Its: VICE PRESIDENT
