Document:

Exhibit 10.35

 

THIS PROMISSORY
NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).
THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF
THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY
NOTE

 

	Principal Amount: $265,403.69	Dated as of February 27, 2020

 

Gordon Pointe Acquisition
Corp., a Delaware corporation (the “Maker”), promises to pay to the order of Gordon Pointe Management, LLC or its registered
assigns or successors in interest (the “Payee”), the principal sum of Two Hundred Sixty-Five Thousand Four Hundred
Three and 69/100 Dollars ($265,403.69) in lawful money of the United States of America, on the terms and conditions described below.
All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by
the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this
Note.

 

The purpose of this
Note is to codify a loan that Gordon Pointe Management, LLC, as the Sponsor of the Maker, provided to Maker in connection with
the extension of Maker’s deadline to complete an initial merger, capital stock exchange, asset acquisition or other similar
business combination with one or more businesses or entities (a “Business Combination”) from February 29, 2020 to March
30, 2020.

 

This Note is one in
a series of Notes (collectively, the “Related Party Notes”) that may be issued from time to time by Maker to Gordon
Pointe Management, LLC or its affiliates evidencing loans to finance Maker’s working capital and/or transaction costs in
connection with a Business Combination.

 

1. Principal.
The principal balance of this Note shall be repayable on the consummation of the Maker’s initial Business Combination. Payee
understands that if a Business Combination is not consummated within the time period specified in the Maker’s amended and
restated certificate of incorporation, this Note will not be repaid and all amounts owed hereunder will be forgiven except to the
extent that the Maker has funds available to it outside of its trust account established in connection with its initial public
offering (“Trust Account”) after paying all other fees and expenses of the Maker incurred prior to the date of such
failure to so consummate a Business Combination which are due and payable.

 

2. Interest.
No interest shall accrue on the unpaid principal balance of this Note.

 

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3. Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due
under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges
and finally to the reduction of the unpaid principal balance of this Note.

 

4. Events
of Default. The following shall constitute an event of default (“Event of Default”):

 

(a) Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business
days of the date specified above.

 

(b) Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

(c) Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker
in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period
of 60 consecutive days.

 

5. Remedies.

 

(a) Upon
the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by written notice to Maker, declare this Note
to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b) Upon
the occurrence of an Event of Default specified in Sections 4(b) or 4(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action
on the part of Payee.

 

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6. Waivers.
Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor,
protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by
Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting
any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or
sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and
Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution
issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

7. Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other
party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted
by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors,
or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

8. Notices.
All notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other
communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business
day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery
to an overnight courier service or five (5) days after mailing if sent by mail.

 

9. Construction.
THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS
THEREOF.

 

10. Severability.
Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

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11. Trust
Waiver. Payee hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the funds
held in the Trust Account and agrees it will not seek recourse against the Trust Account for any reason whatsoever, except in the
event Maker consummates a Business Combination.

 

12. Amendment;
Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the
Maker and the Payee.

 

13. Assignment.
No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of
law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required
consent shall be void.

 

14. Conversion.

 

(a) At
the Payee’s option, at any time prior to payment in full of the principal balance of this Note, the Payee may elect to convert
all or any portion of this Note into that number of warrants (the “Conversion Warrants”) equal to: (i) the portion
of the principal amount of the Note being converted pursuant to this Section 15, divided by (ii) $1.00, rounded up to the nearest
whole number; provided, however, that the total amount of principal balance of this Note, together with any other Related Party
Notes issued by the Maker, that may be converted into Conversion Warrants shall not exceed $1,500,000 in the aggregate. Each Conversion
Warrant entitles the holder thereof to purchase one share of Maker’s Class A common stock at a price of $11.50 per share,
subject to adjustment. Each Conversion Warrant shall also have the same terms and conditions as the warrants issued by the Maker
pursuant to a private placement, as described in Maker’s Registration Statement on Form S-1 (333-222270) filed with the Securities
and Exchange Commission in connection with its initial public offering. The Conversion Warrants, the shares of common stock underlying
the Conversion Warrants and any other equity security of Maker issued or issuable with respect to the foregoing by way of a stock
dividend or stock split or in connection with a combination of shares, recapitalization, amalgamation, consolidation or reorganization
(the “Warrant Shares”), shall be entitled to the registration rights set forth in Section 16 hereof. 

 

(b) Upon
any complete or partial conversion of the principal amount of this Note, (i) such principal amount shall be so converted and such
converted portion of this Note shall become fully paid and satisfied, (ii) the Payee shall surrender and deliver this Note, duly
endorsed, to Maker or such other address which Maker shall designate against delivery of the Conversion Warrants, (iii) Maker shall
promptly deliver a new duly executed Note to the Payee in the principal amount that remains outstanding, if any, after any such
conversion and (iv) in exchange for all or any portion of the surrendered Note, Maker shall deliver to Payee the Conversion Warrants,
which shall bear such legends as are required, in the opinion of counsel to Maker or by any other agreement between Maker and the
Payee and applicable state and federal securities laws.

 

(c) The
Payee shall pay any and all issue and other taxes that may be payable with respect to any issue or delivery of the Conversion Warrants
upon conversion of this Note pursuant hereto; provided, however, that the Payee shall not be obligated to pay any transfer taxes
resulting from any transfer requested by the Payee in connection with any such conversion.

 

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(d) The
Conversion Warrants shall not be issued upon conversion of this Note unless such issuance and such conversion comply with all applicable
provisions of law.

 

(e) Notwithstanding
the foregoing, on September 16, 2019, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”)
with HOF Village Newco, LLC for a business combination. Pursuant to the Merger Agreement, at the Effective Time (as defined therein),
this Note will automatically convert into shares of common stock of GPAQ Acquisition Holdings, Inc. on the terms set forth in the
Merger Agreement.

 

15. Registration
Rights.

 

(a) Reference
is made to that certain Registration Rights Agreement between the Maker and the parties thereto, dated as of January 24, 2018 (the
“Registration Rights Agreement”). All capitalized terms used in this Section 16 shall have the same meanings ascribed
to them in the Registration Rights Agreement.

 

(b) The
holders (“Holders”) of the Conversion Warrants (or the Warrant Shares) shall be entitled to one Demand Registration,
which shall be subject to the same provisions as set forth in Section 2.1 of the Registration Rights Agreement.

 

(c) The
Holders shall also be entitled to include the Conversion Warrants (or the Warrant Shares) in Piggyback Registrations, which shall
be subject to the same provisions as set forth in Section 2.2 of the Registration Rights Agreement; provided, however, that in
the event that an underwriter advises the Maker that the Maximum Number of Securities has been exceeded with respect to a Piggyback
Registration, the Holders shall not have any priority for inclusion in such Piggyback Registration.

 

(d) Except
as set forth above, the Holders and the Maker, as applicable, shall have all of the same rights, duties and obligations set forth
in the Registration Rights Agreement.

 

[Signature page follows]

 

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IN WITNESS WHEREOF,
Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year
first above written.

 

	 	GORDON POINTE ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Douglas L. Hein
	 	 	Douglas L. Hein, Chief Financial Officer

 

	Acknowledged and Agreed to	 
	as of the date first written above.	 
	 	 
	GORDON POINTE MANAGEMENT, LLC	 
	 	 	 
	By:	/s/ James J. Dolan	 
	 	James J. Dolan, Managing Member	 

 

 

6Exhibit 10.36

 

Gordon Pointe Management, LLC

780 5th Ave S.

Naples, FL 34102

 

March 10, 2020

 

HOF Village, LLC

1826 Clearview Ave NW

Canton, OH 44708

 

Ladies and Gentlemen:

 

This amended and restated
letter agreement (this “Agreement”) is provided to you in connection with the transactions contemplated by that
certain Agreement and Plan of Merger, dated as of September 16, 2019, as amended (the “Merger Agreement”), by
and among Gordon Pointe Acquisition Corp (“Acquiror”), GPAQ Acquisition Holdings, Inc. (“Holdings”),
GPAQ Acquiror Merger Sub, Inc., GPAQ Company Merger Sub, LLC, HOF Village, LLC (“HOFV”), and HOF Village Newco,
LLC. This Agreement hereby amends and restates the terms of that certain letter agreement dated September 16, 2019, between Gordon
Pointe Management, LLC (the “Sponsor”) and HOFV (the “Original Agreement”) and supersedes
the Original Agreement in its entirety. All capitalized terms not otherwise defined herein shall have the meanings ascribed to
such terms in the Merger Agreement.

 

In consideration of
the consummation of the Transactions, the Sponsor hereby agrees that, prior to the Closing, Acquiror shall cancel a number of shares
of Acquiror Class F Common Stock held by the Sponsor (the “Acquiror Class F Common Stock Cancellation”) and
that, promptly following the Closing, the Sponsor shall transfer and convey to HOFV a certain number of shares of Holdings Common
Stock and certain Holdings Warrants (the “Sponsor Share and Warrant Transfer”), as set forth within the terms
of this Agreement.

 

For the purposes of
this Agreement, the Sponsor represents and warrants that, before giving effect to the Acquiror Class F Common Stock Cancellation,
the Sponsor currently holds (a) 2,725,000 shares of Acquiror Class F Common Stock and (b) 4,865,000 Acquiror Warrants, all
of which shall be covered by the terms of this Agreement.

 

Acquiror Class F
Common Stock Cancellation. The parties acknowledge and agree that, prior to the Closing, Acquiror shall cancel a number of
shares of Acquiror Class F Common Stock held by the Sponsor (the “Acquiror Class F Common Stock Cancellation”)
that is equal to the lesser of (i) 1,185,741 or (ii) the difference between (x) the total number of shares of Holdings Common Stock
to be issued at the Closing to holders of Acquiror Common Stock in exchange for shares of Acquiror Common Stock and (y) the total
number of shares of Acquiror Common Stock being exchanged.

 

     

     

    

 

HOF Village, LLC.

March 10, 2020

Page 2

 

Sponsor Share and
Warrant Transfer. In consideration of the consummation of the Transactions, the Sponsor hereby agrees, promptly following the
Closing, to transfer and convey to HOFV:

 

(a) a number of
shares of Holdings Common Stock equal to: (i) if the total number of shares of Acquiror Class F Common Stock cancelled in the Acquiror
Class F Common Stock Cancellation is 475,000 or less, 50% of the of Holdings Common Stock that is issued in exchange for Acquiror
Class F Common Stock; and (ii) if the total number of shares of Acquiror Class F Common Stock cancelled in the Acquiror Class F
Common Stock Cancellation is greater than 475,000 shares (up to the 1,185,741 cancellation cap), all shares of Holdings Common
Stock that are issued in exchange for Acquiror Class F Common Stock minus 1,125,000 shares of Holdings Common Stock that will be
retained by GPAQ Sponsor, and

 

(b) 50% of the
Holdings Warrants into which the Acquiror Warrants currently held by the Sponsor have been converted as a result of the Transactions
(the “Acquiror Founders’ Warrants”). The Acquiror Founders’ Shares and Acquiror Founders’
Warrants that are transferred to HOFV pursuant to this paragraph are collectively referred to herein as the “Acquired
Securities”.

 

The number of Acquiror
Founders’ Shares to be transferred and conveyed to HOFV shall be calculated after giving effect to such Acquiror Class F
Common Stock Cancellation. For the avoidance of doubt, in no event shall the number of shares of Holdings Common Stock held by
Sponsor after giving effect to the Acquiror Class F Common Stock Cancellation and the transfer of shares to HOFV hereunder be less
than 1,125,000.

 

For illustration purposes
only, the following table shows the cancellation of Acquiror Class F Common Stock and the transfer of Acquiror Class F Common Stock
to HOFV given different scenarios of Holdings Common Stock issued at the Closing to holders of Acquiror Common Stock in exchange
for shares of Acquiror Common Stock.

 

	Acquiror Common

 Stock	 	 	Conversion 
 Ratio	 	 	Holdings Common

 Stock to be Issued	 	 	Difference*	 	 	Total Class F
 Shares	 	 	Class F Shares 

to be Canceled	 	 	Class F Shares
 Cancellation	 	 	Class F Shares
 HOFV	 	 	Class F Shares 
 Sponsor	 	 	Notes
	 	1,000,000	 	 	 	1.421333	x	 	 	1,421,333	 	 	 	421,333	 	 	 	2,725,000	 	 	 	421,333	 	 	 	2,303,667	 	 	 	1,151,834	 	 	 	1,151,834	 	 	See (ii)
	 	2,000,000	 	 	 	1.421333	x	 	 	2,842,667	 	 	 	842,667	 	 	 	2,725,000	 	 	 	842,667	 	 	 	1,882,333	 	 	 	757,333	 	 	 	1,125,000	 	 	See (ii)
	 	2,800,000	 	 	 	1.421333	x	 	 	3,979,733	 	 	 	1,179,733	 	 	 	2,725,000	 	 	 	1,179,733	 	 	 	1,545,267	 	 	 	420,267	 	 	 	1,125,000	 	 	See (ii)
	 	2,814,259	 	 	 	1.421333	x	 	 	4,000,000	 	 	 	1,185,741	 	 	 	2,725,000	 	 	 	1,185,741	 	 	 	1,539,259	 	 	 	414,259	 	 	 	1,125,000	 	 	See (i)
	 	3,000,000	 	 	 	1.421333	x	 	 	4,264,000	 	 	 	1,264,000	 	 	 	2,725,000	 	 	 	1,185,741	 	 	 	1,539,259	 	 	 	414,259	 	 	 	1,125,000	 	 	See (i)
	 	4,000,000	 	 	 	1.421333	x	 	 	5,685,333	 	 	 	1,685,333	 	 	 	2,725,000	 	 	 	1,185,741	 	 	 	1,539,259	 	 	 	414,259	 	 	 	1,125,000	 	 	See (i)

 

		*	Difference between Holdings Common Stock and Acquiror
Common Stock

 

As a condition to the
transactions contemplated hereby and if requested by the Sponsor, HOFV agrees to execute, with respect to the Acquired Securities,
any lockup agreements or other documents and instruments containing the same transfer and trading restrictions as those to which
the Sponsor is subject.

 

     

     

    

 

HOF Village, LLC.

March 10, 2020

Page 3

 

HOFV shall transfer
all of the Holdings Warrants acquired by HOFV hereunder to a Gold Jacket player fund or similar vehicle, for the benefit of Hall
of Fame players; provided that, as a condition to such transfer, such Gold Jacket player fund or similar vehicle must execute,
with respect to such Holdings Warrants, any lockup agreements or other documents and instruments containing the same transfer and
trading restrictions as those to which the Sponsor is subject.

 

HOFV acknowledges and
agrees that the transactions contemplated by this Agreement may be disclosed in public filings with the Securities and Exchange
Commission if, in the opinion of counsel to Acquiror, such disclosure is necessary or advisable.

 

If the Merger Agreement
is terminated in accordance with its terms, then this Agreement shall expire and be of no further force or effect.

 

This Agreement is directed
only to the recipient and may not be assigned. Nothing expressed or implied in this Agreement is intended or shall be construed
to confer upon or give any person, other than HOFV, the Sponsor and Acquiror, any right or remedies under or by reason of this
Agreement. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware, without
giving effect to the conflicts of law principles thereof. Any dispute arising from or related to this Agreement shall be adjudicated
in the Delaware Chancery Court. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one instrument. A facsimile copy of this Agreement, or a pdf attached to an e-mail,
showing a representation of the signature of any party, shall be deemed to be an original counterpart.

 

[Remainder
of page intentionally left blank]

 

     

     

    

 

Please sign below to
confirm agreement to the provisions set forth in this Agreement.

 

	 	Gordon Pointe Management, LLC

 

	 	By:	/s/ James Dolan
	 	 	James Dolan, Chief Executive Officer

 

	 	HOF Village, LLC

 

	 	By: 	/s/ Michael Crawford
	 	 	Michael Crawford, Chief Executive Officer

 

[Signature Page to
Amended and Restated Sponsor Shares and Warrants Letter Agreement]

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