Amendment shall become effective only upon execution and delivery thereof
by Landlord and Tenant.
[Remainder of page intentionally left blank; signature page follows.]
5
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to
Lease as of the day and year first above written.
LANDLORD:
Utah
State Retirement Investment Fund,
an independent agency of the State of Utah
By CB Richard Ellis Investors L.L.C.,
Its Agent
By___/s/ A. Gavin Hinze_______________
Name _A. Gavin Hinze________________
Its
__Authorized Signatory_____________
By__/s/ Michael J. Everly______________
Name___ Michael J. Everly_____________
Its ____Authorized Signatory____________
TENANT:
Wireless
Ronin Technologies Inc.,
a Minnesota corporation
By___/s/ Darin McAreavey_____________
Name ___Darin McAreavey_____________
Its _________CFO_____________________
6
EXHIBIT A
FORM OF LETTER OF CREDIT
[LETTERHEAD OF ISSUING BANK]
IRREVOCABLE STANDBY
LETTER
DATE
OF ISSUANCE:
OF CREDIT
NO:
EXPIRATION
DATE:
BENEFICIARY:
APPLICANT:
(LANDLORD)
(TENANT)
Utah State Retirement Investment
Fund
Wireless
Ronin Technologies
c/o CB Richard Ellis Investors
14700 Martin Drive
515 Flower Street, Suite
3100
Eden
Prairie, MN
55344
Los Angeles,
CA
90071
Attn:
___________________
Attn: Director of Asset Management
with a copy to:
NorthMarq
3500 American Boulevard West, Suite 200
Bloomington, Minnesota
55431
A-1
AS THE ISSUING BANK ("ISSUER"), WE HEREBY ESTABLISH THIS IRREVOCABLE STANDBY
LETTER OF CREDIT NO. ________________ (THIS "LETTER OF CREDIT") IN FAVOR OF THE
ABOVE-NAMED BENEFICIARY ("BENEFICIARY") FOR THE ACCOUNT OF THE ABOVE-NAMED
APPLICANT ("APPLICANT") IN THE AMOUNT OF USD $300,000.00 (THREE HUNDRED THOUSAND
AND NO/100 U.S. DOLLARS).
THE AVAILABLE BALANCE IS SUBJECT TO THE FOLLOWING SCHEDULE:
DATE:
AMOUNT:
ISSUE DATE THROUGH 7/31/11
$300,000.00
(8/1/11-
7/31/12)
$240,000.00
(8/1/12 -
7/31/13)
$180,000.00
(8/1/13 -
7/31/14)
$120,000.00
(8/1/14 -
7/31/15)
$
60,000.00
DURING EACH OF THE TIMES SPECIFIED ABOVE, THE AMOUNT THAT MAY BE DRAWN UNDER
THIS LETTER OF CREDIT SHALL EQUAL THE AMOUNT SHOWN ABOVE FOR SUCH SPECIFIED
TIME, LESS THE AMOUNT OF ALL PRIOR DRAWINGS DURING THE APPLICABLE PERIOD OF
TIME.
THIS PARAGRAPH SHALL NOT SUPERSEDE THE EXPIRATION DATE OF AUGUST 1, 2015
OF THIS LETTER OF CREDIT, AND THE AMOUNT THAT MAY BE DRAWN HEREUNDER SHALL BE $0
AFTER JULY 31, 2015 UNLESS ISSUER HAS RECEIVED NOTICE OF DEFAULT OF TENANT.
BENEFICIARY MAY DRAW ALL OR ANY PORTION OF THIS LETTER OF CREDIT AT ANY TIME AND
FROM TIME TO TIME AND ISSUER WILL MAKE FUNDS IMMEDIATELY AVAILABLE TO
BENEFICIARY UPON PRESENTATION OF BENEFICIARY'S DRAFT(S) AT SIGHT IN
SUBSTANTIALLY THE FORM ATTACHED HERETO AS EXHIBIT "A" ("SIGHT DRAFT") DRAWN ON
ISSUER AND ACCOMPANIED BY THIS LETTER OF CREDIT, TOGETHER WITH A CERTIFICATE IN
THE FORM OF EITHER EXHIBIT "B" OR EXHIBIT "C" ("DRAWING CERTIFICATE"), EACH DULY
EXECUTED BY THE BENEFICIARY, WITH THE SIGNATOR INDICATING HIS OR HER TITLE OR
OTHER OFFICIAL CAPACITY.
NO OTHER DOCUMENTS WILL BE REQUIRED TO BE
PRESENTED.
THE ISSUER WILL EFFECT PAYMENT UNDER THIS LETTER OF CREDIT WITHIN 3
BUSINESS DAYS OF THE ISSUER AFTER PRESENTMENT OF THE SIGHT DRAFT(S), LETTER OF
CREDIT AND DRAWING CERTIFICATE.
ISSUER WILL HONOR ANY SIGHT DRAFT(S) PRESENTED IN SUBSTANTIAL COMPLIANCE WITH
THE TERMS OF THIS LETTER OF CREDIT AT THE ISSUER'S OFFICE