Document:

Exhibit 10.87

    

      Exhibit
        10.87

      

      

      

      

      

      

      March
        31,
        2007

      

      

      SmarTire
        Systems Inc. 

      13151
        Vanier Place, Suite 150

      Richmond,
        British Columbia

      V6V
        2J1

      

      

      Re:
        May 27 2005 $1.5 million 5% convertible debenture

      

      

      With
        respect to the $125,000 monthly payments that, under the terms of the above
        referenced convertible debenture, were scheduled to commence on September
        1,
        2005, which such payment commencement date has been previously extended (i)
        on
        October 21, 2005 to January 1, 2006 (ii) on January 3, 2006 to April 1, 2006
        (iii) on April 3, 2006 to May 1, 2006, (iv) on May 1, 2006 to August 1, 2006,
        (v) on July 31, 2006 to November 1, 2006, (vi) on December 15, 2006 to March
        31,
        2007, Cornell agrees to provide SmarTire with a further extension to May
        31,
        2007 to commence such monthly payments.

      

      

      Yours
        very truly,

      

      Cornell
        Capital Partners, LP

      

      /s/Mark
        Angelo

      By:
        Mark
        Angelo

      Its:
        President and Portfolio ManagerExhibit 10.88

    

      Exhibit
        10.88

       

      

       

      March
        31,
        2007

      

      SmarTire
        Systems Inc. 

      13151
        Vanier Place, Suite 150

      Richmond,
        British Columbia

      V6V
        2J1

      

      Re:
        Registration rights on financial instruments held by Cornell Capital Partners,
        LP (“Cornell”),
        Starome Investments Limited (“Starome”),
        Xentennial Holdings Limited (“Xentennial”)
        and
        Staraim Enterprises Limited (“Staraim”)

      

      The
        following financial instruments are held by the entities identified
        below:

      

      
        	
                Date
                  of Instrument

              	
                Financial
                  Instrument

              	
                Amount

              	
                Held
                  by

              
	
                March
                  22 05

              	
                5%
                  convertible preferred stock and warrants 

              	
                $
                  4.0 million

              	
                Cornell
                  

              
	
                May
                  27 05

              	
                5%
                  convertible debenture and warrants

              	
                $
                  1.5 million

              	
                Cornell
                  

              
	
                Dec.
                  30 05

              	
                10%
                  convertible debenture and warrants

              	
                $
                  8.0 million

              	
                Xentennial

              
	
                Dec.
                  30 05

              	
                10%
                  convertible debenture and warrants

              	
                $
                  20.0 million

              	
                Starome

              
	
                Dec.
                  30 05

              	
                10%
                  convertible debenture and warrants

              	
                $
                  2.0 million

              	
                Staraim

              

      

      

      On
        January 11, 2006, SmarTire filed with the SEC a registration statement on
        Form
        SB-2, as amended (the “Registration
        Statement”).
        The
        Registration Statement was not declared effective on or before May 11, 2006,
        resulting in SmarTire being in non-compliance with Section 2 of the financial
        instruments and related agreements identified above (the “Financial
        Instruments”).

      

      Each
        of
        Cornell, Starome, Xentennial and Staraim agrees that an Event of Default
        (as
        defined in the applicable Financial Instrument) has not occurred as a result
        of
        the Registration Statement not being declared effective by the SEC pending
        the
        filing of an amended or new registration statement on or prior to May 31,
        2007,
        and each of Cornell, Starome, Xentennial and Staraim waives any and all of
        its
        rights under the applicable default provisions of the Financial Instruments
        affected by this non-compliance until May 31, 2007. 

      

      

      

        Yours
          very truly,

         

        
          	
                  Cornell
                    Capital Partners, LP

                   

                   /s/Mark
                    Angelo

                   

                  By:
                    Mark Angelo

                  Its:
                    President and Portfolio Manager

                	
                  Starome
                    Investments Limited

                   

                   /s/Michael
                    Weiss

                   

                  By:
                    Michael Weiss

                  Its: 
                    Director

                	
                  Staraim
                    Enterprises Limited

                   

                  /s/Mark
                    Angelo

                   

                  By:
                    Mark Angelo

                  Its: Member

                
	
                   

                   

                   

                   

                   

                   

                  Agreed
                    and Acknowledged on March 31, 2007

                   

                  SmarTire
                    Systems Inc.  

                   

                  /s/Jeff
                    Finkelstein

                   

                  By:
                    Jeff Finkelstein

                  Its: Chief
                    Financial Officer

                	
                   

                	
                   

                  Xentennial
                    Holdings Limited 

                   

                   /s/Mark
                    Angelo

                  By:
                    Mark Angelo

                  Its: MemberExhibit 10.89

    

      Exhibit
        10.89

       

      

       

      March
        31,
        2007

      

      

      

      SmarTire
        Systems Inc.

      13151
        Vanier Place, Suite 150

      Richmond,
        British Columbia

      V6V
        2J1

      

      Re:
        Convertible Preferred Stock Held by Cornell Capital Partners,
        L.P.

      

      On
        March
        22, 2005 SmarTire Systems Inc. (the “Company”) entered into an Investment
        Agreement with Cornell Capital Partners, L.P. (“Cornell”) pursuant to which the
        Company sold an aggregate of $4,000,000 of its Series A 5% convertible preferred
        stock, no par value.

      

      The
        Company was required pursuant to the terms of the Investment Agreement to
        repay
        Cornell the unconverted balance of $3,780,960 on December 22, 2006. Such
        payment
        was not made.

      

      Cornell
        hereby agrees that an event of default as defined in the Investment Agreement
        and all related agreements to which Cornell and the Company are a party has
        not
        occurred as a result of the failure by the Company to pay Cornell the amount
        due
        on December 22, 2006 and Cornell hereby agrees to extend the date for such
        payment from March 31, 2007 as agreed to on February 15, 2007 to May 31,
        2007.

      

      Very
        truly yours,

      

      Cornell
        Capital Partners, L.P.

      

      

      

      By: 
        /s/Mark
        Angelo    

      Mark
        Angelo   

      President
        & Portfolio ManagerExhibit 10.90

    Exhibit
      10.90

     

    

     

    

    March
      31,
      2007

    

    

    

    SmarTire
      Systems Inc.

    13151
      Vanier Place, Suite 150

    Richmond,
      British Columbia

    V6V
      2J1

    

    
      	
              Re:
                

            	
              Registration
                rights on financial instruments held by TAIB Bank, B.S.C. (“TAIB”), and
                Certain Wealth, Ltd (“Certain
                Wealth”)

            

    

    

    The
      following financial instruments are held by the entities identified
      below:

    

    
      	
              Date
                of Instrument

            	
              Financial
                Instrument

            	
              Amount

            	
              Held
                by

            
	
              October
                31, 2006

            	
              10%
                convertible debenture

            	
              $1.0
                million

            	
              TAIB

            
	
              October
                31, 2006

            	
              10%
                convertible debenture

            	
              $0.2
                million

            	
              Certain
                Wealth

            

    

    

    SmarTire
      Systems Inc. (the “Company”) is required pursuant to the registration rights
      agreement with TAIB and Certain Wealth to use its best efforts to have a
      registration statement on Form SB-2 declared effective with the SEC on or before
      January 29, 2007 for 150,000,000 shares of the Company’s common stock
      (“Registrable Securities”). The registration statement was not declared
      effective on or before January 29, 2007. 

    

    TAIB
      and
      Certain Wealth each hereby agree that an Event of Default as defined in the
      financial instruments above and all related agreements referenced therein (the
      “Financial Instruments”) has not occurred as a result of the registration
      statement covering the Registrable Securities not being declared effective
      on or
      before January 29, 2007, and TAIB and Certain Wealth each hereby waive any
      and
      all of their rights under the applicable default provisions of the Financial
      Instruments affected by this noncompliance until May 23, 2007, provided the
      Company files its Amendment No. 2 on or before April 25, 2007.

    

    

    Very
      truly yours,

    

    TAIB
      Bank, B.S.C.                                                                                             
      Certain
      Wealth Ltd

    

    

    /s/Larry
      Chaleff                                                                                                 
       /s/Larry
      Chaleff   

    By: Larry
      Chaleff                                                                                                By:
      Larry
      Chaleff 

    Its: Authorized
      person                                                                                     
      Its:
      Authorized person

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