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                                                                    EXHIBIT 10.1

                                    TERM NOTE

$1,500,000                                                    Malibu, California
                                                              April 13, 2000

        FOR VALUE RECEIVED, Jack Friedman ("Borrower") hereby promises to pay to
the order of JAKKS Pacific, Inc., a Delaware corporation, or assigns ("Holder"),
the principal amount of $1,500,000, together with interest accrued thereon, as
hereinafter provided.

        1. The entire principal amount of this Note shall be due and payable on
April 28, 2003.

        2. Interest shall accrue on the principal amount of this Note from time
to time outstanding after the date hereof at the rate of 6.5% per annum, and
shall be payable semi-annually on April 28 and October 28 of each year (unless
such day is not a business day, in which case, payment shall be made on the next
succeeding business day), commencing in October 2000 until this Note is paid in
full. This Note may be prepaid, in whole or in part, at any time or times,
without premium or penalty, but any such prepayment shall include interest
accrued to the date of such prepayment on the principal amount so prepaid.

        3. Payment of this Note shall be made in lawful money of the United
States of America at Holder's office at 22761 Pacific Coast Highway, Malibu,
California 90265, Attn: Chief Financial Officer, or at such other place as
Holder may from time to time direct by written notice to Borrower.

        4. If any one or more of the following events (each, an "Event of
Default") shall occur, the entire outstanding principal amount hereof and all
interest then accrued thereon shall immediately become due and payable upon
written notice to that effect given to Borrower by Holder, in the case of an
Event of Default described in subparagraph 4(b) or 4(e), and without any
notice or other act, in the case of an Event of Default described in
subparagraph 4(a) or 4(d):

        (a) Borrower's failure to pay any installment of this Note within 15
days after the due date thereof;

        (b) (i) Borrower's failure to pay when due any indebtedness, other than
this Note, evidenced or secured by any note, bond, debenture, loan agreement,
indenture, guaranty, trust agreement, mortgage or other instrument or agreement
in connection with the borrowing of money or the obtaining of advances or credit
to which Borrower is a party or by which he is bound, or to which any of his
properties or assets may be subject (a "Debt Instrument"), or Borrower's failure
to perform or comply with any condition or covenant thereof, so that, as a
result of any such failure, indebtedness evidenced or secured thereby in an
amount in excess of $500,000 may be declared due and payable prior to the date
on which such indebtedness would

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otherwise become due and payable; or

            (ii) any event or condition referred to in any Debt Instrument shall
occur or fail to occur, so that, as a result thereof, indebtedness evidenced or
secured thereby in an amount in excess of $500,000 may be declared due and
payable prior to the date on which such indebtedness would otherwise become due
and payable;

        (c) Borrower shall file a petition in bankruptcy, make an assignment for
the benefit of creditors, petition or apply for the appointment of a receiver,
conservator, trustee or other fiduciary agent for him or a substantial part of
his assets, or shall commence any proceeding under any bankruptcy,
reorganization, arrangement, readjustment of debt, composition, dissolution or
liquidation law, or if there shall have been filed by any other person any such
petition or application or any such proceeding shall have been commenced by any
other person against him, which petition, application or proceeding is not
vacated or dismissed for a period of 90 days or more; or Borrower shall consent
to, approve of, or acquiesce in, any such petition, application or proceeding or
the appointment of a receiver or conservator of, or trustee or other fiduciary
agent for, him or any substantial part of his assets, or shall suffer any such
appointment to continue undischarged for a period of 90 days or more; or an
order for relief shall have been entered against Borrower under the United
States Bankruptcy Code; or

        (d) any judgment against Borrower or any attachment of, levy upon, or
execution against, any of his properties for any amount in excess of $500,000
shall not be paid, stayed on appeal, bonded, discharged, vacated or dismissed
within a period of 90 days.

        5. Upon the occurrence of an Event of Default, Holder may accelerate
this Note and demand the prompt payment of all amounts due hereunder, and may
take any lawful action to compel the same, including through an appropriate
suit, action or other proceeding. Borrower shall be liable for and promptly pay
to Holder its costs of collection, including without limitation reasonable
attorney's fees and court costs.

        6. Any other provision hereof to the contrary notwithstanding, if any
law, or any rule or regulation thereunder, shall limit the maximum rate of
interest which may be charged on this Note to a rate less than that provided for
herein (but for the provisions of this paragraph), then the rate of interest
charged on this Note shall be reduced to such maximum lawful rate for so long as
such interest rate shall be so limited by law and shall thereafter return to the
rate otherwise provided herein.

        7. Borrower hereby waives presentment, demand for payment, protest,
notice of protest or dishonor and any other notice or demand (except as provided
in paragraph 4 hereof) in connection with the payment and performance of this
Note.

        8. Any notice or demand required or permitted to be given or made
hereunder shall be deemed to have been duly given or made for all purposes if
(i) in writing and (A) sent by messenger or courier service against receipt, or
(B) sent by certified or registered mail, postage paid, return receipt
requested, or (ii) sent by telegram, telecopy, telex or similar

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electronic means, provided that a written copy thereof is sent on the same day
by postage-paid first-class mail, to such party at the following address:

To Borrower at:       24572 Malibu Road
                      Malibu, California 90265
                      (310) 456-1026

To Holder at:         22761 Pacific Coast Highway
                      Malibu, California 90265
                      Attn: Chief Financial Officer
                      (310) 317-8527

or such other address as either party hereto may at any time, or from time to
time, direct by notice given to the other party in accordance with this
paragraph. The date of giving or making of any such notice or demand shall be,
in the case of clause (i)(A), the date of the receipt, in the case of clause
(i)(B), five business days after such notice or demand is sent, and, in the
case of clause (ii), the business day next following the day that notice or
demand is sent.

        9. This Note shall be governed by, and interpreted in accordance with
the laws of the State of California, without regard to principles of choice or
conflict of laws.

        IN WITNESS WHEREOF, Borrower has duly executed this Note as of the date
first written above.

                                                  /s/ JACK FRIEDMAN
                                        ----------------------------------------
                                                      Jack Friedman<PAGE>   1
                                                                    EXHIBIT 10.2

                                                               ESCROW NO.: 13917

                          NOTE SECURED BY DEED OF TRUST

                        INSTALLMENT NOTE - INTEREST ONLY

      $1,500,000.00            MALIBU, CALIFORNIA           APRIL 26, 2000

ON OR BEFORE April 28, 2003 in installments and at the time hereinafter stated,
for value received, I/We, promise to pay to

JAKKS PACIFIC, INC., A DELAWARE CORPORATION

or order, at place designated by the holder(s) hereof, the principal sum of ONE
MILLION FIVE HUNDRED THOUSAND AND 00/100 ($1,500,000.00) with interest from
April 28, 2000, at the rate of 6.5% per cent per annum, payable INTEREST ONLY
semi-annually, beginning on the 28th day of October, 2000 and continuing
semi-annually thereafter until the maturity date hereof.

This note is subject to section 2966 of the Civil Code, which provides that the
holder of this note shall give written notice to the trustor, or his successor
in interest, of prescribed information at least 90 and not more than 150 days
before any balloon payment is due.

The privilege is reserved of paying the whole or any portion of this Note at any
time prior to maturity without penalty.

This Note is given and accepted as a portion of the purchase price.

Each payment shall be credited first on interest then due and the remainder on
the principal sum; and interest shall thereupon cease upon the amount so
credited on the said principal. Should default be made in the payment of any
installment when due the whole sum of principal and interest shall become
immediately due at the option of the holder this note. Principal and interest
payable in lawful money of the United States of America. Should suit be
commenced to collect this note or any portion thereof, such sum as the Court may
deem reasonable shall be added hereto as attorney's fees. This note is secured
by a Deed of Trust to FIRST AMERICAN TITLE INSURANCE COMPANY, a California
Corporation as Trustee, affecting the property located at: VACANT LAND - 27465
WINDING WAY, MALIBU, CA 90265

/s/ Stephen Berman                           /s/ Ana Berman
--------------------------------             -----------------------------------
Stephen Berman                               Ana Berman

DO NOT DESTROY THIS NOTE: When paid, said original Note, together with the Deed
of Trust securing same, must be surrendered to Trustee for cancellation and
retention before reconveyance will be made

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