Document:

Exhibit
10.12

 

Execution
Version

 

 

 

AMENDMENT
NUMBER 3 TO TERM LOAN AGREEMENT

 

Dated
as of September 14, 2018

 

among

 

HOF
VILLAGE, LLC; HOF VILLAGE YOUTH FIELDS, LLC; HOF VILLAGE PARKING,

LLC; HOF VILLAGE STADIUM, LLC AND THE OTHER PERSONS SIGNATORY

HERETO AS BORROWERS

 

and

THE LENDERS PARTY HERETO,

and

GACP FINANCE CO., LLC, as Administrative Agent

 

 

 

     

     

    

 

AMENDMENT
NUMBER 3 TO TERM LOAN AGREEMENT

 

This
AMENDMENT NUMBER 3 TO TERM LOAN AGREEMENT (this “Amendment Number 3”) dated as of September 14, 2018 is made
by and among: (i) 1-TOF VILLAGE, LLC, a Delaware limited liability company (the “Lead Borrower”); HOF VILLAGE
YOUTH FIELDS, LLC, a Delaware limited liability company; HOF VILLAGE PARKING, LLC, a Delaware limited liability company; HOF VILLAGE
STADIUM, LLC, a Delaware limited liability company; HOF VILLAGE LAND, LLC, a Delaware limited liability company; HOF VILLAGE HOTEL
I, LLC, a Delaware limited liability company; HOF VILLAGE SPORTS BUSINESS, LLC, a Delaware limited liability company; HOF VILLAGE
PARKING MANAGEMENT I, LLC, a Delaware limited liability company; HOF VILLAGE RESIDENCES I, LLC, a Delaware limited liability company;
HOF VILLAGE CENTER FOR EXCELLENCE, LLC, a Delaware limited liability company; HOF VILLAGE CENTER FOR PERFORMANCE, LLC, a Delaware
limited liability company; HOF EXPERIENCE, LLC, a Delaware limited liability company; HOF VILLAGE MEDIA GROUP, LLC, a Delaware
limited liability company; and the other Persons signatory hereto as “Borrowers” (collectively, the “Borrowers”,
and each individually, a “Borrower”); (ii) the Lenders party hereto; and (iii) GACP FINANCE CO., LLC, as administrative
agent (in such capacity, the “Administrative Agent”).

 

PRELIMINARY
STATEMENTS:

 

(1)
The Borrowers, the Lenders party thereto from time to time, the Administrative Agent, and the other parties named therein are
parties to the Term Loan Agreement, dated as of March 20, 2018 (as amended by: (x) that certain Delayed Draw Joinder Agreement
Number 1, dated as of April 11, 2018, (y) that certain Delayed Draw Joinder Agreement Number 2, dated as of May 18, 2018 and (z)
as further amended, restated, supplemented, waived or otherwise modified from time to time, the “Loan Agreement”;
capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Agreement,
as amended hereby).

 

(2)
The Administrative Agent, the Borrowers, and the Lenders desire to amend the Loan Agreement as set forth below, such amendment,
except as set forth herein, to become effective on the Amendment Number 3 Effective Date.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency
and receipt of which are hereby acknowledged, and subject to the conditions set forth herein, the parties hereto hereby agree
as follows:

 

SECTION
1.Defined Terms. Terms defined in the preamble, preliminary statements and otherwise in this Amendment Number 3 shall
have the meanings given to such terms in such preamble, preliminary statements and Section 3, respectively.

 

    1

     

    

 

SECTION
2.Amendments to the Loan Agreement. Subject to the terms and conditions set forth herein, the Loan Agreement is hereby
amended as follows:

 

(a)
Section 1.01 is amended as follows:

 

(i)
The definition of the term “Applicable Margin” is amended and restated in its entirety to read as follows:

 

“Applicable
Margin” shall mean, for any day, (a) on or prior to July 31, 2018 (i) for LIBOR Loans, 9.00% per annum and (ii) for
ABR Loans, 8.00% per annum, and (b) from and after August 1, 2018 (i) for LIBOR Loans, 11.00% per annum and (ii) for ABR Loans,
10.00% per annum.

 

(ii)
The definition of the term “Applicable Percentage” is amended as follows: “9.00%” in clause (b)
thereof is replaced with “11.00%”.

 

(iii)
The following new defined term is added to Section 1.01 in alphabetical order:

 

“Budget
and Schedule” shall mean a (a) budget and schedule and (b) sources and uses of Cash by the Borrowers, in form and substance
reasonably acceptable to the Administrative Agent, for the (i) conduct of the Pre-Development Activities (including regarding
construction, budget and technical matters pertaining to the Project Site) and (ii) compliance with the terms of the Letter of
Representations and Letter of Representations Requirements, (x) from the Amendment Number Three Effective Date through and including
December 31, 2018 and (y) from January 1, 2019 through and including March 20, 2019.

 

(b)
Section 5.01(k) is amended and restated in its entirety to read as follows:

 

“(k)
Monthly Statement. Within ten (10) days after the end of each calendar month, a certificate signed by a Financial Officer
of the Borrowers (i) detailing the progress made, and amounts spent, in respect of Pre-Development Activities during such month,
together with a comparison of such matters with the Budget and Schedule (and a narrative discussion of any material deviations
therefrom), all in reasonable detail, (ii) detailing all amounts withdrawn from the Loan Proceeds Account during such calendar
month, (iii) detailing the progress made, and amounts spent, in respect of the Letter of Representations Requirements during such
month (and a narrative discussion of any deviations therefrom) and (iv) confirming, that no Default or Event of Default occurred
during such calendar month (or describing in reasonable detail any Default or Event of Default that has occurred).”

 

(c)
Section 5.11(c)(i) is amended as follows: “June 30, 2018” in the first line thereof is replaced with “September
28, 2018”.

 

(d)
Section 5.11(c)(ii) is amended as follows: “August 15, 2018” in the first line thereof is replaced with “December
31, 2018”.

 

(e)
Section 5.11(d) is amended as follows: “December 15, 2018” in the first line thereof is replaced with “January
31, 2019”.

 

    2

     

    

 

(f)
Section 7.01(d) is amended and restated in its entirety to read as follows:

 

“(d)
default shall be made in the due observance or performance by any Borrower of any covenant, condition or agreement contained in
Sections 5.02, 5.05, 5.11(a), 5.11(c), 5.11(d), 5.11(e), 5.11(f) and 5.13
or in Article VI;”.

 

(g)
Section 7.01(f) is amended and restated in its entirety to read as follows:

 

“(f)default
shall be made in the due observance or performance by any Borrower of any covenant, condition or agreement contained in any Loan
Document (other than those specified in clauses (b), (c), (d), or (e) above) and such default shall
continue unremedied for a period of 15 days after the earlier of (i) any Borrower becoming aware of such default or (ii) receipt
by any Borrower of written notice from the Administrative Agent or any Lender of such default;”.

 

SECTION
3.Conditions to Effectiveness. This Amendment Number 3 shall become effective on the date (the “Amendment
Number 3 Effective Date”), when each of the conditions set forth in this Section 3 shall have been satisfied (or waived
by the Lenders):

 

(a)
the Administrative Agent shall have received counterparts of this Amendment Number 3, duly executed and delivered on behalf of
(i) each Borrower, (ii) each Lender, and (iii) the Administrative Agent;

 

(b)
the Administrative Agent shall have received a certificate of a Responsible Officer of Borrower, dated the Amendment Number 3
Effective Date and certifying:

 

(i)
that attached thereto is a true and correct copy of the resolutions of the board of directors or equivalent governing body of
each Borrower, approving this Amendment Number 3 and the transactions contemplated hereby;

 

(ii)
that, as of the Amendment Number 3 Effective Date, (1) each representation and warranty set forth in each Loan Document is true
and correct in all material respects on and as of the Amendment Number 3 Effective Date with the same effect as though made on
and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case
such representations and warranties shall have been true and correct in all material respects on and as of such earlier date (provided
that, if a representation and warranty contains a materiality or Material Adverse Effect qualification, such representation
and warranty is true and correct in all respects), and (2) each Borrower is in compliance with all the terms and provisions set
forth in each Loan Document on its part to be observed or performed, and, immediately after giving effect to this Amendment Number
3, no Event of Default or Default shall have occurred and be continuing; and

 

(iii)
that, as of the Amendment Number 3 Effective Date, the Borrowers are in compliance with the terms and conditions of the Letter
of Representations, each Ground Lease (to the extent applicable to the Borrowers) and each Project Lease.

 

    3

     

    

 

(c)
the Interest Reserve Account shall have been funded by an aggregate amount that is not less than $4,832,464.02;

 

(d)
the Administrative Agent shall have received the Budget and Schedule;

 

(e)
the Lenders shall have received payment in cash of all past-due interest, calculated taking into account the definition of Applicable
Margin as amended by this Amendment Number 3;

 

(f)
as of the Amendment Number 3 Effective Date, (x) the representations and warranties of Borrowers contained in Article III of the
Loan Agreement shall be true and correct in all material respects on the Amendment Number 3 Effective Date to the same extent
as though made on and as of such date, except to the extent such representations and warranties specifically relate to an earlier
date, in which case they shall have been true and correct in all material respects on and as of such earlier date, and (y) no
Default or Event of Default shall have occurred and be continuing, or would occur immediately after giving effect to the transactions
contemplated by this Amendment Number 3;

 

(g)
the Administrative Agent and the Lenders shall have received a Solvency Certificate from the Lead Borrower on behalf of each Borrower;

 

(h)
the Administrative Agent and the Lenders shall have received reaffirmation agreements in respect of the Recourse Guaranty, the
Mezzanine Subordination Agreement and the subordination agreement executed by National Football Museum Inc.;

 

(i)
the Borrowers shall have delivered to the Administrative Agent (i) a fixture and tax lien search report for (x) each parcel of
the HOFV Site related to any Ground Lease or any Project Lease and (y) parcel’s 10009487, 10009483, 10009484, 10009488,
10009494, 10009485 and 10009492 and (ii) UCC-1 bring down search reports for HOF VILLAGE, LLC, HOF VILLAGE YOUTH FIELDS, LLC,
HOF VILLAGE PARKING, LLC, and HOF VILLAGE STADIUM, LLC; and

 

(j)
the Borrowers shall have paid all fees and expenses of the Administrative Agent and the Lenders in connection with this Amendment
Number 3.

 

SECTION
4.Confirmation of Representations and Warranties.

 

(a)
Each Borrower hereby represents and warrants, on and as of the Amendment Number 3 Effective Date, that the representations and
warranties of Borrowers contained in Article III of the Loan Agreement are true and correct in all material respects on such date
to the same extent as though made on and as of such date, except to the extent such representations and warranties specifically
relate to an earlier date, in which case they were true and correct in all material respects on and as of such earlier date (provided
that, if a representation and warranty contains a materiality or Material Adverse Effect qualification, such representation
and warranty is true and correct in all respects).

 

(b)
Each Loan Party hereby represents and warrants, on and as of the Amendment Number 3 Effective Date, that it has the necessary
corporat6 power to execute, deliver and perform this Amendment Number 3, and it has duly authorized all corporate or other action
required to be taken by it for the execution, delivery and performance of this Amendment Number 3 and the consummation of the
transaction contemplated hereby.

 

    4

     

    

 

SECTION
5.Consent and Affirmation. Each Borrower hereby (a) consents to the execution, delivery and performance of this Amendment
Number 3 and agrees that each Loan Document is, and shall continue to be, in full force and effect and is hereby in all respects
ratified and confirmed on the Amendment Number 3 Effective Date, except that, on and after the Amendment Number 3 Effective Date,
each reference to the “Loan Agreement”, “thereunder”, “thereof”, “therein”
or words of like import referring to the Loan Agreement shall mean and be a reference to the Loan Agreement as amended and
otherwise modified by this Amendment Number 3, and (b) confirms that the Loan Documents to which each of the Borrowers is a party
and all of the Collateral described therein do, and shall continue to, secure the payment of all of the Obligations.

 

SECTION
6.Reference to and Effect on the Loan Documents.

 

(a)
On and after the Amendment Number 3 Effective Date, each reference in the Loan Agreement to “hereunder”, “hereof”
or words of like import referring to the Loan Agreement, and each reference in the other transaction documents to the “Loan
Agreement”, “thereunder”, “thereof’ or words of like import referring to the Loan Agreement,
shall mean and be a reference to the Loan Agreement as modified by this Amendment Number 3. From and after the Amendment Number
3 Effective Date, this Amendment Number 3 shall be a Loan Document under the Loan Agreement.

 

(b)
The Loan Agreement and the other Loan Documents, as specifically amended by this Amendment Number 3, are and shall continue to
be in full force and effect and are hereby in all respects ratified and confirmed, and the respective guarantees, pledges, grants
of security interests and other agreements, as applicable, under each of the Loan Documents, notwithstanding the consummation
of the transactions contemplated hereby, shall continue to be in full force and effect and shall accrue to the benefit of the
Administrative Agent and the Lenders under the Loan Agreement. Without limiting the generality of the foregoing, the Collateral
described in the Loan Documents do and shall continue to secure the payment of all Obligations of the Borrowers under the Loan
Documents, in each case, as amended by this Amendment Number 3.

 

(c)
The execution, delivery and effectiveness of this Amendment Number 3 shall not, except as expressly provided herein, operate as
a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute
a waiver of any provision of any of the Loan Documents.

 

SECTION
7.Execution in Counterparts; Order of Amendments. This Amendment Number 3 may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and
all of which taken together shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature
page to this Amendment Number 3 by .pdf or other electronic form shall be effective as delivery of a manually executed original
counterpart of this Amendment Number 3.

 

    5

     

    

 

SECTION
8.Amendments; Headings; Severability. This Amendment Number 3 may not be amended nor may any provision hereof be waived
except pursuant to a writing signed by the Borrowers, the Administrative Agent and the Lenders. The Section headings used herein
are for convenience of reference only, are not part of this Amendment Number 3 and are not to affect the construction of, or to
be taken into consideration in interpreting this Amendment Number 3. Any provision of this Amendment Number 3 held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity,
illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof,
and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.
The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions,
the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION
9.Cost and Expenses. Borrowers agree to pay on demand all costs and expenses of the Administrative Agent in connection
with the preparation, execution, delivery and administration, modification and amendment of this Amendment Number 3 and the other
instruments and documents to be delivered hereunder (including, without limitation, the reasonable fees and expenses of counsel
for the Administrative Agent) in accordance with the terms of Section 10.05 of the Loan Agreement.

 

SECTION
10.Governing Law; Etc. This Amendment Number 3 shall be governed by, and construed in accordance with, the laws of
the State of New York, and shall be subject to the jurisdictional, service and waiver of jury trial provisions of the Loan Agreement,
as if they were set forth herein.

 

SECTION
11.No Novation. This Amendment Number 3 shall not extinguish the obligations for the payment of money outstanding under
the Loan Agreement or discharge or release the Lien or priority of any Loan Document or any other security therefor. Nothing herein
contained shall be construed as a substitution or novation of the obligations outstanding under the Loan Agreement or instruments
securing the same, which shall remain in full force and effect, except to any extent modified hereby or by instruments executed
concurrently herewith and except to the extent repaid as provided herein. Nothing implied in this Amendment Number 3 or in any
other document contemplated hereby shall be construed as a release or other discharge of any of the Borrowers under any Loan Document
from any of its obligations and liabilities as a Borrower, guarantor or pledgor under any of the Loan Documents.

 

SECTION
12.Waiver of Claims. Each Borrower on behalf of itself, its Affiliates and their respective officers, direct and indirect
members, directors, shareholders, employees, agents, insurers, heirs, successors and assigns (collectively, the “Releasing
Parties”), hereby waives, releases, remises and forever discharges the Administrative Agent, the Lenders and each other
Secured Party from any and all claims, suits, actions, investigations, proceedings or demands arising out of or in connection
with the Loan Agreement and any other Loan Document (collectively, “Claims”), whether based in contract, tort,
implied or express warranty, strict liability, criminal or civil statute or common law of any kind or character, known or unknown,
which any Releasing Party ever had, now has or might hereafter have against the Administrative Agent, the Lenders and each other
Secured Party which relates, directly or indirectly, to any acts or omissions of the Administrative Agent, the Lenders and each
other Secured Party on or prior to the Amendment Number 3 Effective Date, in each case, in respect to the Loan Agreement, the
other Loan Documents and the transactions contemplated hereby and thereby.

 

    6

     

    

 

SECTION
13.Advice of Counsel. The Borrowers acknowledge that they have reviewed this Amendment Number 3 in its entirety, having
consulted such legal, tax or other advisors as they deem appropriate, and understand and agree to each of the provisions of this
Amendment Number 3, and further acknowledge that they have entered into this Amendment Number 3 voluntarily.

 

SECTION
14.Rules of Construction. The parties hereto agree that any rule of construction to the effect that ambiguities are
resolved against the drafting party shall not apply to the interpretation of this Amendment Number 3.

 

SECTION
15.Effect of this Amendment Number 3. Except as expressly set forth herein, (a) this Amendment Number 3 shall not by
implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Administrative
Agent, the Lenders and the other Secured Parties, and (b) shall not alter, modify, amend or in any way affect any of the terms,
conditions, obligations, covenants or agreements contained in the Loan Agreement or any other Loan Document. Nothing contained
in this Amendment Number 3 shall constitute or be deemed to constitute a course of dealing or other basis for altering any rights
or obligations of Lender under the Loan Documents, or any obligations of the Borrowers or any other party under the Loan Documents
(in each instance, except as expressly set forth herein).

 

[SIGNATURES
FOLLOW]

 

    7

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment Number 3 to be executed by their respective officers thereunto
duly authorized, as of the date first above written.

 

	 	

Borrowers:

	 	 
	 	HOF
    VILLAGE, LLC,
	 	a
    Delaware limited liability company
	 	 
	 	By:	/s/
	 	 	Name: 	Brian
    Parisi
	 	 	Title:	Chief
    Financial Officer
	 	 	 
	 	HOF
    VILLAGE PARKING, LLC,
	 	a
    Delaware limited liability company
	 	 
	 	By:	/s/
	 	 	Name:	Brian
    Parisi
	 	 	Title:	Chief
    Financial Officer
	 	 	 
	 	HOF
    VILLAGE YOUTH FIELDS, LLC,
	 	a
    Delaware limited liability company
	 	 
	 	By:	/s/
	 	 	Name:	Brian
    Parisi
	 	 	Title:	Chief
    Financial Officer
	 	 	 
	 	HOF
    VILLAGE STADIUM, LLC,
	 	a
    Delaware limited liability company
	 	 
	 	By:	/s/
	 	 	Name:	Brian
    Parisi
	 	 	Title:	Chief
    Financial Officer

 

[SIGNATURES
CONTINUE ON NEXT PAGE]

 

     

     

    

 

	 	Borrowers,
                                         cont.:

	 	 
	 	HOF
    VILLAGE LAND, LLC,
	 	a
    Delaware limited liability company
	 	 
	 	By:	/s/
	 	 	Name: 	Brian
    Parisi
	 	 	Title:	Chief
    Financial Officer
	 	 	 
	 	HOF
    VILLAGE HOTEL I, LLC,
	 	a
    Delaware limited liability company
	 	 
	 	By:	/s/
	 	 	Name:	Brian
    Parisi
	 	 	Title:	Chief
    Financial Officer
	 	 	 
	 	HOF
    VILLAGE SPORTS BUSINESS, LLC,
	 	a
    Delaware limited liability company
	 	 
	 	By:	/s/
	 	 	Name:	Brian
    Parisi
	 	 	Title:
    	Chief
    Financial Officer
	 	 	 
	 	HOF
    VILLAGE PARKING MANAGEMENT I, LLC,
	 	a
    Delaware limited liability company
	 	 
	 	By:	/s/
	 	 	Name:	Brian
    Parisi
	 	 	Title:	Chief
    Financial Officer

 

[SIGNATURES
CONTINUE ON NEXT PAGE]

 

     

     

    

 

	 	Borrowers,
                                         cont.: 

	 	 
	 	HOF
    VILLAGE RESIDENCES I, LLC,
	 	a
    Delaware limited liability company
	 	 
	 	By:	/s/
	 	 	Name: 	Brian
    Parisi
	 	 	Title:	Chief
Financial Officer
	 	 	 
	 	HOF
    VILLAGE CENTER FOR EXCELLENCE, LLC,
	 	a
    Delaware limited liability company
	 	 
	 	By:	/s/
	 	 	Name:	Brian
    Parisi
	 	 	Title:
    	Chief
Financial Officer
	 	 	 
	 	HOF
    VILLAGE CENTER FOR PERFORMANCE, LLC,
	 	a
    Delaware limited liability company
	 	 
	 	By:	/s/
	 	 	Name:
    	Brian
    Parisi
	 	 	Title:
    	Chief
Financial Officer
	 	 	 
	 	HOF
    EXPERIENCE, LLC,
	 	a
    Delaware limited liability company
	 	 
	 	By:	/s/
	 	 	Name:	Brian
    Parisi
	 	 	Title: 	Chief
    Financial Officer

 

[SIGNATURES
CONTINUE ON NEXT PAGE]

 

     

     

    

 

	 	

Borrowers,
cont.: 

	 	 
	 	HOF
    VILLAGE MEDIA GROUP, LLC,
	 	a
    Delaware limited liability company
	 	 
	 	By:	/s/
	 	 	Name: 	Brian
    Parisi
	 	 	Title:
     	Chief
    Financial Officer

 

[SIGNATURES
CONTINUE ON NEXT PAGE]

 

     

     

    

 

	

         
	Administrative
    Agent
	 	 	 
		GACP
    FINANCE CO., LLC,
	 	as
    Administrative Agent
	 	 	 
	 	By:	/s/
	 		Name: 
    	 
	 		Title:	Authorized
    Signatory 
	 	 	 
	 	Lenders
    (and by their signatures below, the Lenders direct the Administrative Agent to execute this Amendment Number 3):
	 	 	 
	 	GACP
    II, L.P.
	 	 
	 	By:	/s/
	 	 	Name:
    	Robert
A. Louzan
	 	 	Title:
     	Authorized
    Signatory
	 	 	 
	 	IRG,
    LLC,
	 	a
    Nevada limited liability company
	 	 
	 	By:	S.L.
    Properties, Inc.,
	 	 	a
    Delaware corporation
	 	 	its
    Manager

 

	 	 	By:	/s/
	 	 	 	Name: 	Stuart
Lichter
	 	 	 	Title:
    	President

 

[SIGNATURES
CONTINUE ON NEXT PAGE]

 

     

     

    

 

	 

         
	Lenders,
    cont. (and by their signatures below, the Lenders direct the Administrative Agent to execute this Amendment Number
    3):
	 	 
	 	DEMOMODE
    MARKETING, LLC
	 	a
    New York limited liability company
	 	 
	 	By:	/s/
	 		Name	
	 		Title:Exhibit
10.13

 

CERTAIN
INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT
IF PUBLICLY DISCLOSED. [***] or [Redacted] INDICATES THAT INFORMATION HAS BEEN REDACTED. 

 

Execution
Version

 

 

 

 

 

 

 

AMENDMENT
NUMBER 4 TO TERM LOAN AGREEMENT

 

Dated
as of February 19, 2019

 

among

 

HOF
VILLAGE, LLC; HOF VILLAGE YOUTH FIELDS, LLC; HOF VILLAGE PARKING, LLC; 

OF VILLAGE STADIUM, LLC AND THE OTHER PERSONS SIGNATORY HERETO AS BORROWERS

 

and

 

THE
LENDERS PARTY HERETO,

 

and

 

GACP
FINANCE CO., LLC, as Administrative Agent

 

 

 

 

 

 

 

     

     

    

 

AMENDMENT
NUMBER 4 TO TERM LOAN AGREEMENT

 

This
AMENDMENT NUMBER 4 TO TERM LOAN AGREEMENT (this “Amendment Number 4”) dated as of February 19, 2019 is made
by and among: (i) HOF VILLAGE, LLC, a Delaware limited liability company (the “Lead Borrower”); HOF VILLAGE
YOUTH FIELDS, LLC, a Delaware limited liability company; HOF VILLAGE PARKING, LLC, a Delaware limited liability company; HOF VILLAGE
STADIUM, LLC, a Delaware limited liability company; HOF VILLAGE LAND, LLC, a Delaware limited liability company; HOF VILLAGE HOTEL
I, LLC, a Delaware limited liability company; HOF VILLAGE SPORTS BUSINESS, LLC, a Delaware limited liability company; HOF VILLAGE
PARKING MANAGEMENT I, LLC, a Delaware limited liability company; HOF VILLAGE RESIDENCES I, LLC, a Delaware limited liability company;
HOF VILLAGE CENTER FOR EXCELLENCE, LLC, a Delaware limited liability company; HOF VILLAGE CENTER FOR PERFORMANCE, LLC, a Delaware
limited liability company; HOF EXPERIENCE, LLC, a Delaware limited liability company; HOF VILLAGE MEDIA GROUP, LLC, a Delaware
limited liability company; and the other Persons signatory hereto as “Borrowers” (collectively, the “Borrowers”,
and each individually, a “Borrower”); (ii) the Lenders party hereto; and (iii) GACP FINANCE CO., LLC, as administrative
agent (in such capacity, the “Administrative Agent”).

 

PRELIMINARY
STATEMENTS:

 

(1)
The Borrowers, the Lenders party thereto from time to time, the Administrative Agent, and the other parties named therein are
parties to the Term Loan Agreement, dated as of March 20, 2018 (as amended by: (w) that certain Delayed Draw Joinder Agreement
Number 1, dated as of April 11, 2018, (x) that certain Delayed Draw Joinder Agreement Number 2, dated as of May 18, 2018, (y)
that certain Amendment Number 3 to Term Loan Agreement, dated as of September 14, 2018 and (z) as further amended, restated, supplemented,
waived or otherwise modified from time to time, the “Loan Agreement”; capitalized terms used but not otherwise
defined herein shall have the meanings ascribed to such terms in the Loan Agreement, as amended hereby).

 

(2)
The Administrative Agent, the Borrowers, and the Lenders desire to amend the Loan Agreement as set forth below, such amendment,
except as set forth herein, to become effective on the Amendment Number 4 Effective Date.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency
and receipt of which are hereby acknowledged, and subject to the conditions set forth herein, the parties hereto hereby agree
as follows:

 

SECTION
1. Acknowledgments:

 

Each
Borrower hereby acknowledges and agrees that as of the date hereof, the outstanding principal amount of Loans (exclusive of interest,
costs, fees and other expenses payable by the Borrowers to the Administrative Agent and the other Secured Parties under the Loan
Agreement and the other Loan Documents) is $65,000,000 and such amounts are not subject to any offset, counterclaim or defense
by any of the Borrowers.

 

    1

     

    

 

SECTION
2. Defined Terms.

 

(a)
Terms defined in the preamble, preliminary statements and otherwise in this Amendment Number 4 shall have the meanings given to
such terms in such preamble, preliminary statements and Section 3 and Section 4, respectively.

 

SECTION
3. Amendments to the Loan Agreement. Subject to the terms and conditions set forth herein, the Loan Agreement is hereby
amended as follows:

 

(a)
Section 1.01 is amended as follows:

 

(i)
The definition of the term “Applicable Margin” is amended and restated in its entirety to read as follows:

 

“Applicable
Margin” shall mean, for any day, (a) on or prior to July 31, 2018 (i) for LIBOR Loans, 9.00% per annum and (ii) for
ABR Loans, 8.00% per annum, (b) from and after August 1, 2018 but on or prior to February 14, 2019 (i) for LIBOR Loans, 11.00%
per annum and ( )for ABR Loans, 10.00% per annum and (c) from and after February 15, 2019 (i) for LIBOR Loans, 12.50% per
annum and (ii) for ABR Loans, 11.50% per annum.

 

(ii)
The definition of the term “Applicable Percentage” is amended as follows: “11.00%” in clause (b)
thereof is replaced with “12.50%”.

 

(iii)
The definition of the term “Letter of Representations” is amended and restated in its entirety to read as follows:

 

“Letter
of Representations” means the letter agreement dated as of March 20, 2018 among Lead Borrower, HOF Village Youth Fields,
LLC, HOF Village Parking, LLC and HOF Village Stadium, LLC, on the one hand, and the Canton City School District, acting by and
through its Board of Education, on the other hand and attached to the Amendment Number 4 as Exhibit C.

 

(iv)
The definition of the term “Maturity Date” is amended and restated in its entirety to read as follows:

 

“Maturity
Date” shall mean the earlier of (a) June 28, 2019 and (b) the date that all Loans shall become due and payable in full
hereunder, whether by acceleration or otherwise.

 

(v)
The definition of the term “Mezzanine Loan/Junior Equity” is amended and restated in its entirety to read as
follows:

 

“Mezzanine
Loan/Junior Equity” shall mean either a (a) mezzanine loan which is unsecured, and/or (b) the issuance of preferred,
common or other equity in Lead Borrower or any direct or indirect equityholder of Lead Borrower, in each case with respect to
clauses (a) and (b), the Permitted Loan/Equity Raise Conditions remain satisfied.

 

    2

     

    

 

(vi)
The definition of the term “Permitted Loan/Equity Raise Conditions” is amended and restated in its entirety
to read as follows:

 

“Permitted
Loan/Equity Raise Conditions” shall mean (a) such Mezzanine Loan/Junior Equity does not have a maturity date prior to
the 365 days following the Maturity Date, (b) such Mezzanine Loan/Junior Equity has no scheduled amortization of principal or
required or mandatory redemptions, or repurchases, sinking fund obligation or payments of principal prior to 365 days following
the Maturity Date (and with respect to any “equity” does not provide or require (i) the payment of any dividend or
other distribution, direct or indirect, on account of any shares of any class of equity of any Borrower now or hereafter outstanding,
except a dividend payable solely in shares of that class of equity to the holders of that class and/or (ii) any redemption, retirement,
sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of equity
of any Borrower), (c) such Mezzanine Loan/Junior Equity does not require any payments of interest or amounts in respect of the
principal thereof (other than payments made through the increase of the principal amount thereof) prior to 365 days following
the Maturity Date, (d) such Mezzanine Loan/Junior Equity contains covenants, events of default and other material terms that are
reasonably satisfactory to the Administrative Agent, (e) such Mezzanine Loan/Junior Equity is contractually subordinate or junior
in right of payment (including as to “standstill” provisions) to the Obligations on terms reasonably satisfactory
to the Administrative Agent as set forth in the Mezzanine Loan/Junior Equity Subordination Agreement, (f) contains covenants,
events of default and other material terms that are reasonably satisfactory to the Administrative Agent, and (g) is not secured
by any Lien.

 

(vii)
The following new defined terms are added to Section 1.01 in alphabetical order:

 

(A)
“Amendment Number 4” shall mean the Amendment Number 4 to this Agreement dated as of February 19, 2019.

 

    3

     

    

 

(B)
“December 24, 2018 Convertible Subordinated Notes” shall mean the following eight Convertible Subordinated
Notes issued by the Lead Borrower on December 24, 2018 in the aggregate original principal amount of $5,750,000 and true and copies
of which are annexed to the Amendment Number 4 as Exhibit A: (a) Convertible Subordinated Note in favor of Big Dawg Gamble
Holdings, LLC in the aggregate original principal amount of $500,000; (b) Convertible Subordinated Note in favor of Glenn R. August
in the aggregate original principal amount of $1,000,000; (c) Convertible Subordinated Note in favor of JMJS Group, LLLP in the
aggregate original principal amount of $1,000,000; (d) Convertible Subordinated Note in favor of Liveris Capital Partners LLC
in the aggregate original principal amount of $500,000; (e) Convertible Subordinated Note in favor of Mark D. Coe 2012 Irrevocable
Trust in the aggregate original principal amount of $500,000; (f) Convertible Subordinated Note in favor of Michael S. Gross in
the aggregate original principal amount of $750,000; (g) Convertible Subordinated Note in favor of Nubwagger, LLC in the aggregate
original principal amount of $1,000,000 and (h) Convertible Subordinated Note in favor of Powers Private Equity LLC in the aggregate
original principal amount of $500,000.

 

(C)
“M. Klein and Company, LLC Convertible Subordinated Notes” shall mean the Convertible Subordinated Notes dated
November 5, 2018 and January 31, 2018 respectively in favor of M. Klein and Company, LLC in the aggregate original principal amount
of $3,500,000 and a true and correct copies of which is annexed to the Amendment Number 4 as Exhibit B.

 

(b)
Section 2.01(c)(i) is hereby amended as follows:

 

(i)
the phrase “Sixty Million Dollars ($60,000,000)” at the end of sub-clause (B) thereof is replaced with “Twenty
Five Million Dollars ($25,000,000)”.

 

(ii)
the last sentence thereof is amended and restated to read as follows:

 

“The
parties hereto each acknowledge and agree that in no event shall Borrower be permitted to borrow an amount of Delayed Draw Term
Loans in excess of $25,000,000 in the aggregate. It is understood and agreed that from and after January 1, 2019, no Borrower
shall incur any additional Delayed Draw Term Loan.”

 

(c)
Section 2.04 (e)(i) is hereby amended by adding the following immediately prior to the “,” at the end thereof “;
provided that at Borrowers’ option upon prior written notice to the Administrative Agent and the Lenders, so long
as no Default or Event of Default exists, the Borrower may defer the payment of the interest that is otherwise due and payable
on March 31, 2019, April 30, 2019 and May 31, 2019, respectively, on the Loans until the Maturity Date. In addition, the Borrowers
shall pay to the Administrative Agent for the benefit of the Lenders a deferral fee in the amount $10,600 for each such month
of interest actually deferred, which deferral fee shall be immediately due and earned as of such election by the Borrowers but
shall similarly be deferred until the Maturity Date.”

 

    4

     

    

 

(d)
Section 2.07 (b) is hereby amended by deleting the following proviso at the end thereof: “; provided, however,
that if Lenders have received aggregate Prepayment Premiums of not less than 1.75% of the aggregate amount of Loans made hereunder
(including any Delayed Draw Term Loans), then no Exit Fee shall be due and payable in connection with any such payment or prepayment”.

 

(e)
Section 5.11 is amended as follows:

 

(i)
by amending clause (c) thereof as follows:

 

(A)
sub-clause (i) is amended as follows: (x) “September 28, 2018” in the first line thereof is replaced with “March
1, 2019 (or, the Maturity Date, in the event the Borrowers shall have complied with the requirements of clauses (c)(iii), (c)(iv)
and (g) of this Section 5.11 on or before the dates set forth therein and no Default or Event of Default shall have occurred and
is continuing)” and (y) the “and” at the end thereof is deleted.

 

(B)
sub-clause (ii) is amended as follows: (x) “December 31, 2018” in the first line thereof is replaced with “March
1, 2019 (or, the Maturity Date, in the event the Borrowers shall have complied with the requirements of clauses (c)(iii), (c)(iv)
and (g) of this Section 5.11 on or before the dates set forth therein and no Default or Event of Default shall have occurred and
is continuing)” and (y) the “.” at the end of subclause (ii) thereof is deleted and and replaced with a “;”.

 

(C)
adding the following as a new subclause (iii) “January 31, 2019, the Borrowers shall have received the cash proceeds from
the issuance of Permitted Loan/Equity Raise in an aggregate net amount that is not less than $3,000,000; and”

 

(D)
adding the following as a new subclause (iv) “February 28, 2019, the Borrowers shall have received the cash proceeds from
the issuance of Permitted Loan/Equity Raise in an aggregate net amount that is not less than $1,500,000.”

 

(ii)
clause (d) is amended as follows: “January 31, 2019” in the first line thereof is replaced with “March 1, 2019
(or, the Maturity Date, in the event the Borrowers shall have complied with the requirements of clauses (c)(iii), (c)(iv) and
(g) of this Section 5.11 on or before the dates set forth therein and no Default or Event of Default shall have occurred and is
continuing)”.

 

(iii)
by adding a new clause (g) at the end thereof as follows:

 

“(g)On
or before February 28, 2019 the Borrowers shall have delivered to the Administrative Agent documentary evidence of (i) the Borrowers’
compliance with all of their obligations under the Letter of Representations, including, but limited to all currently required
funding and escrow obligations and (ii) full currently required funding of Escrow Fund I (as defined in the Letter of Representations)
and Escrow Fund II (as defined in the Letter of Representations).”

 

    5

     

    

 

(f)
Section 6.02 is amended as follows:

 

(i)
by deleting “; and” at the end of clause (q) thereof and replacing it with “.”.

 

(ii)
by deleting clause (r) thereof in its entirety.

 

(g)
Section 6.13 is amended as follows:

 

(i)
by (A) deleting “or” at the end of clause (d) thereof and (B) deleting the “.” At the end of clause (e)
thereof and replacing it with “; or”.

 

(ii)
by adding the following as a new clause (f):

 

“(f)amend
or modify, or permit the amendment or modification of any M. Klein and Company, LLC Convertible Subordinated Note and/or any December
24, 2018 Convertible Subordinated Note.”

 

(h)
Section 7.01(d) is amended and restated in its entirety to read as follows:

 

“(d)
default shall be made in the due observance or performance by any Borrower of any covenant, condition or agreement contained in
Sections 5.01(m), 5.02, 5.05, 5.11(a), 5.11(c), 5.11(d), 5.11(e), 5.11(f),
5.11(g) and 5.13 or in Article VI;”.

 

SECTION
4. Letter of Representations; Forbearance. The Borrowers have informed the Administrative Agent and the Lenders that the
Borrowers have not satisfied their obligations to fund $1,000,000 into Escrow Fund II (as defined in the Letter of Representations)
on or before December 1, 2018 pursuant to Section 5(f) of the Letter of Representations (the “Escrow Funding Failure”).
In reliance upon the representations, warranties and covenants of the Borrowers contained in this Amendment No. 4, and subject
to the terms and conditions of this Amendment No. 4 and any documents or instruments executed in connection herewith, the Administrative
Agent (at the direction of the Required Lenders) and the Lenders party hereto agree to forbear from and after the Amendment No.
4 Effective Date until the Termination Date (defined below) from exercising their respective rights and remedies under the Loan
Agreement and the other Loan Documents against the Borrowers in respect of or arising solely out of the Escrow Funding Failure.
The forbearance granted pursuant hereto shall not constitute, and shall not be deemed to constitute, a waiver of any Default or
Event of Default under the Loan Documents (including any Default or Event of Default resulting from the Escrow Funding Failure)
or a waiver of any of the rights and remedies. “Termination Date” means, the earliest of: (a) the Maturity
Date; (b) the date either the Board of Education of the Canton City School District or Stark County Port Authority has notified
any Borrower or any other Person that the Borrowers are not in compliance with any of their obligations under the Letter of Representations,
including, but limited to any funding or escrow obligations and (c) the date of any Default or Event of Default (other than the
Escrow Funding Failure) under any of the Loan Documents.

 

    6

     

    

 

SECTION
5. Conditions to Effectiveness. This Amendment Number 4 shall become effective on the date (the “Amendment Number
4 Effective Date”), when each of the conditions set forth in this Section 5 shall have been satisfied (or waived by
the Lenders):

 

(a)
the Administrative Agent shall have received counterparts of this Amendment Number 4, duly executed and delivered on behalf of
(i) each Borrower, (ii) each Lender, and (iii) the Administrative Agent;

 

(b)
the Administrative Agent shall have received a certificate of a Responsible Officer of Borrower, dated the Amendment Number 4
Effective Date and certifying:

 

(i)
that attached thereto is a true and correct copy of the resolutions of the board of directors or equivalent governing body of
each Borrower, approving this Amendment Number 4 and the transactions contemplated hereby;

 

(ii)
that, as of the Amendment Number 4 Effective Date, and except for the Escrow Funding Failure, (1) each representation and warranty
set forth in each Loan Document is true and correct in all material respects on and as of the Amendment Number 4 Effective Date
with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly
relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material
respects on and as of such earlier date (provided that, if a representation and warranty contains a materiality or Material
Adverse Effect qualification, such representation and warranty is true and correct in all respects), and (2) each Borrower is
in compliance with all the terms and provisions set forth in each Loan Document on its part to be observed or performed, and,
immediately after giving effect to this Amendment Number 4, no Event of Default or Default shall have occurred and be continuing;

 

(iii)
that, as of the Amendment Number 4 Effective Date and, except for the Escrow Funding Failure, the Borrowers are in compliance
with the terms and conditions of the Letter of Representations; and

 

(iv)
that, as of the Amendment Number 4 Effective Date, the Borrowers are in compliance with the terms and conditions of each Ground
Lease (to the extent applicable to the Borrowers) and each Project Lease.

 

(c)
the Interest Reserve Account shall have been funded by an aggregate amount that is not less than $792,605.29 (it being understood
that the Lenders have agreed to accept default rate of interest for the period February 1, 2019 through February 15, 2019 at the
rate that is 2.25% per annum (instead of 3.00%) in excess of interest otherwise payable with respect to the Loans);

 

    7

     

    

 

(d)
as of the Amendment Number 4 Effective Date, (x) the representations and warranties of Borrowers contained in Article III of the
Loan Agreement shall be true and correct in all material respects on the Amendment Number 4 Effective Date to the same extent
as though made on and as of such date, except to the extent such representations and warranties specifically relate to an earlier
date, in which case they shall have been true and correct in all material respects on and as of such earlier date, and (y) no
Default or Event of Default shall have occurred and be continuing, or would occur immediately after giving effect to the transactions
contemplated by this Amendment Number 4;

 

(e)
the Administrative Agent and the Lenders shall have received a Solvency Certificate from the Lead Borrower on behalf of each Borrower;

 

(f)
the Administrative Agent and the Lenders shall have received reaffirmation agreements in respect of the Recourse Guaranty, the
Mezzanine Subordination Agreement and the subordination agreement executed by National Football Museum Inc.;

 

(g)
the Borrowers shall have complied with Permitted Loan/Equity Raise Conditions with respect to each December 24, 2018 Convertible
Subordinated Note; provided, however, that Borrowers shall not be required to deliver any Mezzanine Loan/Junior Equity
Subordination Agreements with respect to any December 24, 2018 Convertible Subordinated Note that is issued to a Person that not
an Affiliate of any Borrower or M. Klein and Company LLC;

 

(h)
the Borrowers shall have complied with Permitted Loan/Equity Raise Conditions with respect to the M. Klein and Company, LLC Convertible
Subordinated Notes, including delivery of a duly executed Mezzanine Loan/Junior Equity Subordination Agreement in respect of the
M. Klein and Company, LLC Convertible Subordinated Notes; and

 

(i)
the Borrowers shall have paid all fees and expenses of the Administrative Agent and the Lenders in connection with this Amendment
Number 4.

 

SECTION
6. Conditions Subsequent. Borrowers shall deliver a Mezzanine Loan/Junior Equity Subordination Agreement with respect to
each December 24, 2018 Convertible Subordinated Note that is issued to, assigned to or purchased by a Person that is an Affiliate
of any Borrower or M. Klein and Company LLC on or prior to the date of such issuance, assignment or purchase. The Borrowers represent
and warrant that as of the date hereof, each of the December 24, 2018 Convertible Subordinated Notes is held by a Person that
not an Affiliate of any Borrower or M. Klein and Company LLC.

 

SECTION
7. Confirmation of Representations and Warranties.

 

(a)
Each Borrower hereby represents and warrants, on and as of the Amendment Number 4 Effective Date, that the representations and
warranties of Borrowers contained in Article III of the Loan Agreement are true and correct in all material respects on such date
to the same extent as though made on and as of such date, except to the extent such representations and warranties specifically
relate to an earlier date, in which case they were true and correct in all material respects on and as of such earlier date (provided
that, if a representation and warranty contains a materiality or Material Adverse Effect qualification, such representation
and warranty is true and correct in all respects).

 

    8

     

    

 

(b)
Each Loan Party hereby represents and warrants, on and as of the Amendment Number 4 Effective Date, that it has the necessary
corporate power to execute, deliver and perform this Amendment Number 4, and it has duly authorized all corporate or other action
required to be taken by it for the execution, delivery and performance of this Amendment Number 4 and the consummation of the
transaction contemplated hereby.

 

SECTION
8. Consent and Affirmation. Each Borrower hereby (a) consents to the execution, delivery and performance of this Amendment
Number 4 and agrees that each Loan Document is, and shall continue to be, in full force and effect and is hereby in all respects
ratified and confirmed on the Amendment Number 4 Effective Date, except that, on and after the Amendment Number 4 Effective Date,
each reference to the “Loan Agreement”, “thereunder”, “thereof”, “therein”
or words of like import referring to the Loan Agreement shall mean and be a reference to the Loan Agreement as amended and otherwise
modified by this Amendment Number 4, and (b) confirms that the Loan Documents to which each of the Borrowers is a party and all
of the Collateral described therein do, and shall continue to, secure the payment of all of the Obligations.

 

SECTION
9. Reference to and Effect on the Loan Documents.

 

(a)
On and after the Amendment Number 4 Effective Date, each reference in the Loan Agreement to “hereunder”, “hereof”
or words of like import referring to the Loan Agreement, and each reference in the other transaction documents to the “Loan
Agreement”, “thereunder”, “thereof” or words of like import referring to the Loan
Agreement, shall mean and be a reference to the Loan Agreement as modified by this Amendment Number 4. From and after the Amendment
Number 4 Effective Date, this Amendment Number 4 shall be a Loan Document under the Loan Agreement.

 

(b)
The Loan Agreement and the other Loan Documents, as specifically amended by this Amendment Number 4, are and shall continue to
be in full force and effect and are hereby in all respects ratified and confirmed, and the respective guarantees, pledges, grants
of security interests and other agreements, as applicable, under each of the Loan Documents, notwithstanding the consummation
of the transactions contemplated hereby, shall continue to be in full force and effect and shall accrue to the benefit of the
Administrative Agent and the Lenders under the Loan Agreement. Without limiting the generality of the foregoing, the Collateral
described in the Loan Documents do and shall continue to secure the payment of all Obligations of the Borrowers under the Loan
Documents, in each case, as amended by this Amendment Number 4.

 

(c)
The execution, delivery and effectiveness of this Amendment Number 4 shall not, except as expressly provided herein, operate as
a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute
a waiver of any provision of any of the Loan Documents.

 

SECTION
10. Execution in Counterparts; Order of Amendments. This Amendment Number 4 may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and
all of which taken together shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature
page to this Amendment Number 4 by .pdf or other electronic form shall be effective as delivery of a manually executed original
counterpart of this Amendment Number 4.

 

    9

     

    

 

SECTION
11. Amendments; Headings; Severability. This Amendment Number 4 may not be amended nor may any provision hereof be waived
except pursuant to a writing signed by the Borrowers, the Administrative Agent and the Lenders. The Section headings used herein
are for convenience of reference only, are not part of this Amendment Number 4 and are not to affect the construction of, or to
be taken into consideration in interpreting this Amendment Number 4. Any provision of this Amendment Number 4 held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity,
illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof,
and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.
The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions,
the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION
12. Cost and Expenses. Borrowers agree to pay on demand all costs and expenses of the Administrative Agent in connection
with the preparation, execution, delivery and administration, modification and amendment of this Amendment Number 4 and the other
instruments and documents to be delivered hereunder (including, without limitation, the reasonable fees and expenses of counsel
for the Administrative Agent) in accordance with the terms of Section 10.05 of the Loan Agreement.

 

SECTION
13. Governing Law; Etc. This Amendment Number 4 shall be governed by, and construed in accordance with, the laws of the
State of New York, and shall be subject to the jurisdictional, service and waiver of jury trial provisions of the Loan Agreement,
as if they were set forth herein.

 

SECTION
14. No Novation. This Amendment Number 4 shall not extinguish the obligations for the payment of money outstanding under
the Loan Agreement or discharge or release the Lien or priority of any Loan Document or any other security therefor. Nothing herein
contained shall be construed as a substitution or novation of the obligations outstanding under the Loan Agreement or instruments
securing the same, which shall remain in full force and effect, except to any extent modified hereby or by instruments executed
concurrently herewith and except to the extent repaid as provided herein. Nothing implied in this Amendment Number 4 or in any
other document contemplated hereby shall be construed as a release or other discharge of any of the Borrowers under any Loan Document
from any of its obligations and liabilities as a Borrower, guarantor or pledgor under any of the Loan Documents.

 

SECTION
15. Waiver of Claims. Each Borrower on behalf of itself, its Affiliates and their respective officers, direct and indirect
members, directors, shareholders, employees, agents, insurers, heirs, successors and assigns (collectively, the “Releasing
Parties”), hereby waives, releases, remises and forever discharges the Administrative Agent, the Lenders and each other
Secured Party from any and all claims, suits, actions, investigations, proceedings or demands arising out of or in connection
with the Loan Agreement and any other Loan Document (collectively, “Claims”), whether based in contract, tort,
implied or express warranty, strict liability, criminal or civil statute or common law of any kind or character, known or unknown,
which any Releasing Party ever had, now has or might hereafter have against the Administrative Agent, the Lenders and each other
Secured Party which relates, directly or indirectly, to any acts or omissions of the Administrative Agent, the Lenders and each
other Secured Party on or prior to the Amendment Number 4 Effective Date, in each case, in respect to the Loan Agreement, the
other Loan Documents and the transactions contemplated hereby and thereby.

 

    10

     

    

 

SECTION
16. Advice of Counsel. The Borrowers acknowledge that they have reviewed this Amendment Number 4 in its entirety, having
consulted such legal, tax or other advisors as they deem appropriate, and understand and agree to each of the provisions of this
Amendment Number 4, and further acknowledge that they have entered into this Amendment Number 4 voluntarily.

 

SECTION
17. Rules of Construction. The parties hereto agree that any rule of construction to the effect that ambiguities are resolved
against the drafting party shall not apply to the interpretation of this Amendment Number 4.

 

SECTION
18. Effect of this Amendment Number 4. Except as expressly set forth herein, (a) this Amendment Number 4 shall not by implication
or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Administrative Agent, the
Lenders and the other Secured Parties, (b) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations,
covenants or agreements contained in the Loan Agreement or any other Loan Document. Nothing contained in this Amendment Number
4 shall constitute or be deemed to constitute a course of dealing or other basis for altering any rights or obligations of Lender
under the Loan Documents, or any obligations of the Borrowers or any other party under the Loan Documents (in each instance, except
as expressly set forth herein), (c) the Administrative Agent, the Lenders and the other Secured Parties have not and are not waiving
their rights against any Person (including the Borrowers), including as a result of any Default or Event of Defaults that exists
(notwithstanding the Borrowers’ representation that no Default or Event of Default exists) and (d) the Administrative Agent,
the Lenders and the other Secured Parties have not and are not waiving their rights and remedies against any Person (including
the Borrowers) as a result of any Default or Event of Default or as a result of any other breach of any Loan Documents or otherwise,
including as a result of any past, present or future event or circumstance.

 

[SIGNATURES
FOLLOW]

 

    11

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment Number 4 to be executed by their respective officers thereunto
duly authorized, as of the date first above written.

 

 

	 	Borrowers:
	 	 	 
	 	HOF
    VILLAGE, LLC,
	 	a
    Delaware limited liability company
	 	 	 
	 	By:	/s/
    Brian Parisi
	 	Name: 	Brian
    Parisi
	 	Title:	Chief
    Financial Officer
	 	 	 
	 	HOF
    VILLAGE PARKING, LLC,
	 	a
    Delaware limited liability company
	 	 	 
	 	By:	/s/
    Brian Parisi
	 	Name:	Brian
    Parisi
	 	Title:	Chief
    Financial Office
	 	 	 
	 	HOF
    VILLAGE YOUTH FIELDS, LLC,
	 	a
    Delaware limited liability company
	 	 	 
	 	By:	/s/
    Brian Parisi
	 	Name:	Brian
    Parisi
	 	Title:	Chief
    Financial Office
	 	 	 
	 	HOF
    VILLAGE STADIUM, LLC,
	 	a
    Delaware limited liability company
	 	 	 
	 	By:	/s/
    Brian Parisi
	 	Name:
	Brian
    Parisi
	 	Title:	Chief
    Financial Office

 

[SIGNATURES
CONTINUE ON NEXT PAGE]

 

     

     

    

 

	 	Borrowers.
    cont.:
	 	 	 
	 	HOF
    VILLAGE LAND, LLC,
	 	a
    Delaware limited liability company
	 	 	 
	 	By:	/s/
    Brian Parisi
	 	Name:	Brian
    Parisi
	 	Title:	Chief
    Financial Office
	 	 	 
	 	HOF
    VILLAGE HOTEL I, LLC,
	 	a
    Delaware limited liability company
	 	 	 
	 	By:	/s/
    Brian Parisi
	 	Name:	Brian
    Parisi
	 	Title:	Chief
    Financial Office
	 	 	 
	 	HOF
    VILLAGE SPORTS BUSINESS, LLC,
	 	a
    Delaware limited liability company
	 	 	 
	 	By:	/s/
    Brian Parisi
	 	Name:	Brian
    Parisi
	 	Title:	Chief
    Financial Office
	 	 	 
	 	HOF
    VILLAGE PARKING MANAGEMENT I, LLC,
	 	a
    Delaware limited liability company
	 	 	 
	 	By:	/s/
    Brian Parisi
	 	Name:	Brian
    Parisi
	 	Title:	Chief
    Financial Office

 

[SIGNATURES
CONTINUE ON NEXT PAGE]

 

     

     

    

 

	 	Borrowers.
    cont.:
	 	 	 
	 	HOF
    VILLAGE RESIDENCES, I, LLC,
	 	a
    Delaware limited liability company
	 	 	 
	 	By:	/s/
    Brian Parisi
	 	Name:	Brian
    Parisi
	 	Title:	Chief
    Financial Office
	 	 	 
	 	HOF
    VILLAGE CENTER FOR EXCELLENCE, LLC,
	 	a
    Delaware limited liability company
	 	 	 
	 	By:	/s/
    Brian Parisi
	 	Name:	Brian
    Parisi
	 	Title:	Chief
    Financial Office
	 	 	 
	 	HOF
    VILLAGE CENTER FOR PERFORMANCE, LLC,
	 	a
    Delaware limited liability company
	 	 	 
	 	By:	/s/
    Brian Parisi
	 	Name:	Brian
    Parisi
	 	Title:	Chief
    Financial Office
	 	 	 
	 	HOF
    EXPERIENCE, LLC,
	 	a
    Delaware limited liability company
	 	 	 
	 	By:	/s/
    Brian Parisi
	 	Name:	Brian
    Parisi
	 	Title:	Chief
    Financial Office

 

[SIGNATURES
CONTINUE ON NEXT PAGE]

 

     

     

    

 

	 	Borrowers
    cont.:
	 	 	 
	 	HOF
    VILLAGE MEDIA GROUP, LLC,
	 	a
    Delaware limited liability company
	 	 	 
	 	By:	/s/
    Brian Parisi
	 	Name: 	Brian
    Parisi
	 	Title:	Chief
    Financial Office

 

[SIGNATURES
CONTINUE ON NEXT PAGE]

 

     

     

    

 

	 	Administrative
    Agent:
	 	 	 
	 	GACP
    FINANCE CO., LLC,
	 	as
    Administrative Agent
	 	 	 
	 	By:
    	/s/
    Robert A. Louzan
	 	Name: 	Robert
    A. Louzan
	 	Title:
    	Authorized
    Signatory
	 	 	 
	 	Lenders
    (and by their signatures below, the Lenders direct the Administrative Agent to execute this Amendment Number 4):
	 	 	 
	 	GACP
    II, L.P.
	 	 	 
	 	By:
    	/s/
    Robert A. Louzan
	 	Name:	Robert
    A. Louzan
	 	Title:
    	Authorized
    Signatory
	 	 	 
	 	IRG,
    LLC,
	 	a
    Nevada limited liability company
	 	 	 
	 	By:	S.L.
    Properties, Inc.,
	 	 	a
    Delaware corporation, 
	 	 	its
    Manager
	 	 	 
	 	By:	 
	 	Name:	Stuart
    Lichter
	 	Title:
    	President

 

[SIGNATURES
CONTINUE ON NEXT PAGE]

 

     

     

    

 

	 	Administrative
    Agent:
	 	 	 
	 	GACP
    FINANCE CO., LLC,
	 	as
    Administrative Agent
	 	 	 
	 	By:	 
	 	Name: 	Robert
    A. Louzan
	 	Title:
    	Authorized
    Signatory
	 	 	 
	 	Lenders
    (and by their signatures below, the Lenders direct the Administrative Agent to execute this Amendment Number 4):
	 	 	 
	 	GACP
    II, L.P.
	 	 	 
	 	By:	 
	 	Name:
    	Robert
    A. Louzan
	 	Title:	Authorized
    Signatory
	 	 	 
	 	IRG,
    LLC,
	 	a
    Nevada limited liability company
	 	 	 
	 	By:	S.L.
    Properties, Inc.,
	 	 	a
    Delaware corporation,
	 	 	its Manager

 

	 	 	By:
    	/s/
    Stuart Lichter
	 	 	Name:	Stuart
    Lichter
	 	 	Title:
    	President

 

[SIGNATURES
CONTINUE ON NEXT PAGE]

 

     

     

    

 

	 	Lenders.
    cont. (and by their signatures below. the Lenders direct the Administrative Agent to execute this Amendment Number 4):
	 	 	 
	 	DEMOMODE
    MARKETING, LLC
	 	a
    New York limited liability company
	 	 	 
	 	By:
    	/s/
    Mark Bezos
	 	Name: 	Mark
    Bezos
	 	Title:
	Authorized
    Signatory

 

     

     

    

 

Exhibit
A

 

December
24, 2018 Convertible Subordinated Notes

 

[Redacted]

 

 

 

     

     

    

 

 

Exhibit B

 

M. Klein and Company, LLC Convertible Subordinated
Notes

 

[Redacted]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}]]