EXHIBIT 10.45
BIG BUCK BREWERY & STEAKHOUSE, INC.
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February 28, 2002
▇▇▇▇▇ County Employees' Retirement System
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RE: LETTER AGREEMENT REGARDING ADVANCE FOR PAYMENT OF TAXES
Gentlemen:
This Letter Agreement is being written to acknowledge that you are
advancing the sum of $500,000.00 to cover unpaid real estate taxes as to the
Michigan properties. We acknowledge and agree that this amount is being advanced
under our current loan documents with you and is fully evidenced and secured by
those loan documents and the collateral securing those loan documents.
We also agree to repay this amount upon the earlier to occur of (i) the
date of any refinancing obtained by Company and/or with respect to its
properties and/or assets as part of any such financing or (ii) April 1, 2002.
Please indicate your approval by signing below.
Very truly yours,
BIG BUCK BREWERY & STEAKHOUSE, INC.
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Its: President and Chief Executive Officer
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Agreed to and accepted by:
▇▇▇▇▇ County Employees' Retirement System
By: /s/ ▇▇▇▇▇▇ ▇▇▇
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Its: Director
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