WINMARK
EXHIBIT 10.18
WINMARK
C O R P O R A T I O N
December 8, 2004
Xxxxx Xxxxxx
Wireless Ronin Technologies, Inc.
00000 Xxxxxx Xxxxx
Xxxx Xxxxxxx, XX 00000
Wireless Ronin Technologies, Inc.
00000 Xxxxxx Xxxxx
Xxxx Xxxxxxx, XX 00000
Dear Xxxxx:
This letter represents an understanding of our lease transaction with Wireless Ronin Technologies,
Inc. and yourself as full guarantor of the lease payments.
Terms:
Wireless Ronin Technologies, Inc. (the “Company”) certifies they have clear title on all equipment
listed on the Attachment A. Winmark will extend a hardware-only line of credit for $150,000;
hardware of $109,706 to be a buy lease back and an additional $40,294 to be furniture or technology
hardware. The lease will commence after all of the equipment has been installed and the $150,000
line of credit has been used.
This personal guarantee from Xxxxx Xxxxxx will be removed, at the sole discretion of Winmark, when
the Company has had a satisfactory infusion of cash to provide for lease payments.
Additional software can be added on an additional lease schedule upon cash infusion and the removal
of the personal guarantee.
At closing, Winmark Corporation will advance Wireless Ronin Technologies, Inc. $104,740 for value
of installed hardware less the security deposit of $4,966.
Agreed to by:
Sign:
|
/s/ Xxxxxxx X. Xxxxxx
|
Sign: | /s/ Xxxx X. Xxxxxx
|
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Date:
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12/8/04 | Date:12/08/04 | ||||||||
Xxxxxxx X. Xxxxxx | Xxxx X. Xxxxxx | |||||||||
Wireless Ronin Technologies, Inc. | Winmark Corporation |
0000 Xxxxxxxx Xxxxx, Xxxxx
000, Xxxxxxxxxxx, XX 00000-0000
Phone (000) 000-0000 Fax (000) 000-0000 XXX.XXXXXXXXXXXXXXXXXX.XXX