Document:

Exhibit 10.2

 

PROMISSORY NOTE

 

	$22,040,000.00	Stark County, Ohio

December 15, 2021

 

FOR VALUE RECEIVED HOF
Village Center For Excellence, LLC, a Delaware limited liability company (the “Borrower”) promises to pay to the
order of ERIEBANK, a division of CNB Bank, a wholly owned subsidiary of CNB Financial Corporation, a Pennsylvania corporation (the
“Lender,” which term shall include any holder hereof) at its offices located at Crown Centre, 5005 Rockside Rd., Suite
625, Independence, OH 44131, or at such other place as the holder hereof may designate (the “Payment Office”), Twenty-Two
Million Forty Thousand and No/100 Dollars ($22,040,000.00) or so much thereof as shall have been advanced by the Lender, together with
interest as set forth herein (the “Loan”). This Promissory Note (as amended, modified or renewed from time to
time, this “Note”) is issued in connection with a Loan Agreement by and between Borrower and Lender, dated on
or before the date hereof (as amended, modified or renewed from time to time, the “Loan Agreement”) and the other agreements
and documents executed and/or delivered in connection therewith or referred to therein, the terms of which are incorporated herein by
reference (as amended, modified or renewed from time to time, collectively, the “Loan Documents”), and is secured by
the property described in the Loan Documents and by such other collateral as previously may have been or may in the future be granted
to the Lender to secure this Note. Capitalized terms not otherwise defined in this Note shall have the meaning ascribed to them in
the Loan Agreement.

 

1. Interest
Rate.

 

(a) Beginning
on the date of the initial disbursement of proceeds under the Loan Agreement up to and including the Initial Maturity Date or, if Borrower
elects and qualifies for the Extension Option, up to and including the Initial Extended Maturity Date, interest shall accrue on the unpaid
balance of the principal amount outstanding under this Note at a variable rate of interest per annum (based on a 360 day year), which
shall change in the manner set forth below, equal to the Interest Only Applicable Rate.

 

(b) Beginning
on the day after the Initial Maturity Date and thereafter, or, if Borrower elects and qualifies for the Extension Option, beginning on
the day after the Initial Extended Maturity Date and thereafter, interest shall accrue on the unpaid balance of the principal amount outstanding
under this Note at a fixed rate of interest per annum (based on a 360 day year), equal to the Permanent Loan Applicable Rate.

 

(c) Interest
on the unpaid principal balance of the Loan is computed on a 365/360 basis; that is, by applying the ratio of the interest rate over a
year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding.
Any reference in this Note to a “per annum” rate shall be based on a year of 360 days.

(d) “Interest
Only Applicable Rate” means the sum of percent (1.00%) plus the Prime Commercial Rate (defined below) with a floor of
four and one half percent (4.50%) per annum.

 

(e) “Permanent
Loan Applicable Rate” means:

 

(A) For any Interest
Period for which the immediately preceding Debt Service Coverage Test has been calculated where the Pre-Distribution DSCR Test
is equal to or greater than 1.50:1.0 and the Post-Distribution DSCR Test is equal to or greater than 1.35:1.0, the FHLB Rate plus
2.65% with a floor of 3.75%;

 

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(B) For any Interest
Period for which the immediately preceding Debt Service Coverage Test has been calculated where the Pre-Distribution DSCR Test
is equal to or greater than 1.40:1.0 and the Post-Distribution DSCR Test is equal to or greater than 1.25:1.0, the FHLB Rate plus
2.85% with a floor of 4.00%; and

 

(C) For any Interest
Period for which the immediately preceding Debt Service Coverage Test has been calculated where the Pre-Distribution DSCR Test
is equal to or greater than 1.25:1.0 and the Post-Distribution DSCR Test is equal to or greater than 1.10:1.0, the FHLB Rate plus
3.00% with a floor of 4.25%.

 

(f) “Interest
Period” means the twelve (12) month period beginning with the day after the Initial Maturity Date, or, if Borrower has elected
and qualified for the Extension Option, the day after the Initial Extended Maturity Date, and each successive twelve (12) month period
thereafter.

 

(g) “Prime
Commercial Rate” means the rate as published in the Wall Street Journal. Subject to any maximum or minimum interest rate limitation
specified herein or by applicable law, any variable rate of interest on the obligation evidenced hereby shall change automatically without
notice to Borrower immediately with each change in the Prime Commercial Rate. The interest rate change will not occur more often than
each Business Day. If the Prime Commercial Rate becomes unavailable, Lender may designate a substitute index after notifying Borrower.

 

(h) “FHLB
Rate” means the five (5) year rate as published by the Federal Home Loan Bank of Pittsburgh on (A) the Initial Maturity Date,
or if Borrower has elected and qualified for the Extension Option, the Initial Extended Maturity Date, and on (B) the Conversion Date.
If the FHLB Rate becomes unavailable, Lender may designate a substitute comparable index after notifying Borrower.

 

(i) “Conversion
Date” means five (5) years from the Initial Maturity Date, or if Borrower has elected and qualified for the Extension Option,
the Initial Extended Maturity Date.

 

(j) “Business
Day” means any day other than a Saturday, a Sunday, a federal holiday, or other day on which Lender is authorized or required
to be closed.

 

(k) Initial
Maturity Date: Means June 15, 2024 (30 months), unless accelerated sooner pursuant to the terms hereof.

 

(l) Initial
Extended Maturity Date: Means December 15, 2024 (additional 6 months from Initial Maturity Date) unless accelerated sooner pursuant
to the terms hereof.

 

(m) Extended
Maturity Date: June 15, 2034 (additional 120 months from the Initial Maturity Date), or if Borrower has elected and qualified for
the Extension Option, December 15, 2034 (additional 120 months from the Initial Extended Maturity Date), as the case may be, unless accelerated
sooner pursuant to the terms hereof.

 

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2.  Payment
Terms and Maturity Date.

 

(a) Accrued
interest on the Loan shall be due and payable on the tenth (10th) day of each calendar month commencing with the tenth (10th)
day of the first month following the initial disbursement of Loan Proceeds under the Loan Agreement (provided that if such date is not
a Business Day, payment will be due on the next Business Day). Beginning on the tenth (10th) day of the first month following
the Initial Maturity Date, or, if Borrower elects and qualifies for the Extension Option, beginning on the tenth (10th) day
of the first month following the Initial Extended Maturity Date, and on the tenth (10th) day of each calendar month thereafter
(provided that if such date is not a Business Day, payment will be due on the next Business Day), Borrower shall make monthly principal
plus interest payments based upon an assumed twenty five (25) year amortization schedule, with the entire outstanding principal balance
plus accrued but unpaid interest due and payable on the Extended Maturity Date. Notwithstanding the foregoing or anything to the contrary
contained herein or in the Loan Documents, in the event the Constellation NewEnergy, Inc. Sponsorship Agreement (or another sponsor and
sponsorship agreement satisfactory to Lender) is not renewed on substantially similar terms prior to the Conversion Date, and Borrower
is unable to meet the Debt Service Coverage Ratio as a result, then the entire outstanding principal balance hereunder together with accrued
but unpaid interest shall be due and payable on the Conversion Date.

 

3. Prepayments.

 

Borrower may, on any Business
Day, upon payment of all accrued interest, fees and other amounts then due and payable to Lender, and upon at least five (5) Business
Days prior written notice to Lender, elect to prepay all or part of the unpaid principal balance; provided, however, that (i) if the prepayment
occurs prior to the Initial Maturity Date, or, if Borrower elects and qualifies for the Extension Option, prior to the Initial Extended
Maturity Date, AND is the result of a refinancing with another banking institution then Borrower shall pay a prepayment premium equal
to the product of 2% times the amount of principal prepaid, (ii) if the prepayment occurs prior to the Initial Maturity Date, or, if Borrower
elects and qualifies for the Extension Option, prior to the Initial Extended Maturity Date, AND if the prepayment is the result of a refinancing
with a non-bank entity or non-bank permanent lender then Borrower shall pay a prepayment premium equal to the product of .50% times the
amount of principal prepaid, and (iii) for all other prepayments no prepayment premium shall be due. Notwithstanding the foregoing, no
prepayment penalty shall be due in the event the entire outstanding principal balance is repaid on the Initial Maturity Date, Initial
Extended Maturity Date or on the Conversion Date. Notwithstanding the foregoing, in the event Borrower pays Lender a fee of $22,040.00
on or about the date hereof, then Borrower may prepay this Note, in whole or in part, at any time, without prepayment penalty or charge.

 

4. Events
of Default.

 

(a) An
“Event of Default” shall exist if any of the following occurs and is continuing:

 

		(i)	Borrower fails to make any payment of interest and/or principal hereunder or any other payment required
hereunder within ten (10) days of when the same becomes due (except for the final payment due on the Initial Maturity Date or Extended
Maturity Date, as applicable, for which there shall be no grace period); or

 

		(ii)	An Event of Default occurs under the Loan Agreement.

 

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(b) Upon
the occurrence and during the continuation of an Event of Default (beyond any applicable notice and/or grace periods): (i) Lender shall
be under no further obligation to make advances hereunder; (ii) the outstanding principal balance and accrued interest hereunder together
with any additional amounts payable hereunder and under any other Loan Document shall be immediately due and payable without demand or
notice of any kind; (iii) at Lender’s option, this Note will bear interest at the Default Rate (defined below) from the date
of the occurrence of the Event of Default; and (iv) the Lender may exercise from time to time any of the rights and remedies available
under the Loan Documents or under applicable law. Each of the foregoing remedies is distinct and cumulative to all the other rights or
remedies under this Note or afforded by law or equity, and may be exercised concurrently, independently or successively, in any order
whatsoever.

 

(c) No
course of dealing on the part of the Lender and no delay or failure on the part of the Lender to exercise any right shall operate as a
waiver of such right or otherwise prejudice the Lender’s rights, powers and remedies.

 

5. Late
Payment Charge; Default Rate. 

 

(a) If
the Borrower fails to make any payment of principal, interest or other amount coming due pursuant to the provisions of this Note or the
Loan Documents within ten (10) calendar days of the date due and payable, the Borrower also shall pay to Lender a late charge equal to
five percent (5.00%) of the amount of such regularly scheduled payment of principal and interest (the “Late Charge”);
provided, however, that the Late Charge shall not apply to the payment due on the Initial Maturity Date, Initial Extended Maturity
Date or final Maturity Date. Such ten (10) day period shall not be construed in any way to extend the due date of any such payment.

 

(b) Upon
and after the occurrence and during the continuation of an Event of Default/a Default, at the election of Lender, all interest accruing
in respect of any loan or other obligation of Borrower under this Note shall be increased by a per annum percentage equal to five percent
(5.00%) over the Applicable Rate (the “Default Rate”). The Default Rate shall continue to apply whether or not judgment
shall be entered on this Note.

 

(c) Both
the Late Charge and the Default Rate are imposed as liquidated damages for the purpose of defraying the Lender’s expenses incident
to the handling of delinquent payments, but are in addition to, and not in lieu of, the Lender’s exercise of any rights and remedies
hereunder, under the other Loan Documents or under applicable law, and any fees and expenses of any agents or attorneys which the Lender
may employ. In addition, the Default Rate reflects the increased credit risk to the Lender of carrying a loan that is in default. Borrower
agrees that the Late Charge and Default Rate are reasonable forecasts of just compensation for anticipated and actual harm incurred by
the Lender, and that the actual harm incurred by the Lender cannot be estimated with certainty and without difficulty.

 

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6. Right
of Setoff.

 

Upon the occurrence and during
the continuation of an Event of Default, Lender shall have, with respect to the Borrower’s obligations to the Lender under this
Note and to the extent permitted by law, a contractual right of setoff against, all of the Borrower’s right, title and interest
in and to, all of the Borrower’s deposits, moneys, securities and other property now or hereafter in the possession of or on deposit
with, Lender, whether held in a general or special account or deposit, whether held jointly with someone else, or whether held for safekeeping
or otherwise, however, this does not include any IRA or Keogh accounts, or any trust accounts. Every such right of setoff may be
exercised without demand upon or notice to the Borrower. Every such right of setoff shall be deemed to have been exercised immediately
upon the occurrence of an Event of Default hereunder without any action of the Lender, although the Lender may enter such setoff on its
books and records at a later time.

 

7. Miscellaneous.

 

(a) Notices.
All notices, demands, requests, consents, approvals and other communications required or permitted hereunder shall be given in the manner
prescribed in the Loan Agreement.

 

(b) Delay Not Prejudicial
to Lender. No delay or omission on the Lender’s part to exercise any right or power arising hereunder will impair any such
right or power or be considered a waiver of any such right or power, nor will the Lender’s action or inaction impair any such right
or power.

 

(c) Lender’s
Remedies Cumulative. The Lender’s rights and remedies hereunder are cumulative and not exclusive of any other rights or remedies
which the Lender may have under other agreements, at law or in equity.

 

(d) No Oral Modification.
No modification, amendment or waiver of, or consent to any departure by the Borrower from, any provision of this Note will be effective
unless made in a writing signed by the Lender.

 

(e) Lender’s Costs/Expenses.
The Borrower agrees to pay on demand, to the extent permitted by law, all costs and expenses incurred by the Lender in the enforcement
of its rights in this Note and in any security therefore, including without limitation reasonable fees and expenses of the Lender’s
counsel.

 

(a)
Partial Invalidity; Severability. If any provision of this Note is found to be invalid, illegal or unenforceable in any respect
by a court, all the other provisions of this Note will remain in full force and effect.

 

(g) Waivers. Borrower
and all other makers and indorsers of this Note hereby forever waive presentment, protest, notice of dishonor and notice of non-payment,
and demand, with respect to any and all instruments, notice of acceptance hereof, notice of loans or advances made, credit extended,
collateral received or delivered, or any other action taken in reliance hereon, and all other demands and notices of any description,
except such as are expressly provided for herein. The Borrower also waives all defenses based on suretyship or impairment of collateral.

 

(h) Successors
and Assigns Bound. This Note shall bind the Borrower and its heirs, executors, administrators, successors and assigns, and the benefits
hereof shall inure to the benefit of the Lender and its successors and assigns; provided, however, that the Borrower may
not assign this Note in whole or in part without the Lender’s written consent and the Lender at any time may assign this Note in
whole or in part.

 

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(i) Governing
Law; Jurisdiction. This Note has been delivered to and accepted by the Lender and will be deemed to be made in the State of Ohio.
THIS NOTE WILL BE INTERPRETED AND THE RIGHTS AND LIABILITIES OF THE LENDER AND THE BORROWER
DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF OHIO, EXCLUDING ITS CONFLICT OF LAWS RULES. The Borrower hereby irrevocably
consents to the exclusive jurisdiction of any state or federal court in the Cuyahoga County, Ohio; provided that nothing contained in
this Note will prevent the Lender from bringing any action, enforcing any award or judgment or exercising any rights against the Borrower
individually, against any security or against any property of the Borrower within any other county, state or other foreign or domestic
jurisdiction. The Borrower acknowledges and agrees that the venue provided above is the most convenient forum for both the Lender and
the Borrower. The Borrower waives any objection to venue and any objection based on a more convenient forum in any action instituted under
this Note.

 

(i) Index
Value. This Note expresses an initial interest rate and an initial index value to two (2) places to the right of the decimal point.
This expression is done solely for convenience. The reference sources for the index used by Lender, as stated in this Note, may actually
quote the index on any given day to as many as five (5) places to the right of the decimal point. Therefore, the actual index value used
to calculate the interest rate on and the amount of interest due under this Note will be to five (5) places to the right of the decimal
point.

 

(j) Posting
and Application of Payments.

 

(i) All payments
of principal, interest and other amounts payable hereunder, or under any of the other Loan Documents must be made to Lender not later
than 11:00 a.m. (EST) on the due date to ensure credit on the due date. All credits shall be provisional, subject to verification
and final settlement. Lender may charge the Operating Account for the amount of any item of payment or other payment that is returned
to Lender unpaid or otherwise not collected.

 

(ii) Prior to an
Event of Default under this Note, payments shall be applied first to interest, then to principal, then to any fees or other amounts due
and owing to Lender in connection with the Loan. After an Event of Default under this Note, payments may be applied, at Lender’s
option, as follows: first to any collection costs or expenses (including reasonable attorneys’ fees), then to any late charges or
other fees owing under the Loan Documents, then to accrued interest, then to principal. To the extent that Borrower makes a payment or
Lender receives any payment or proceeds of the Collateral (as defined in the Loan Agreement) for Borrower’s benefit, which are subsequently
invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver,
custodian or any other party under any bankruptcy law, common law or equitable cause, then, to such extent, the Loan, or part thereof
intended to be satisfied, shall be revived and continue as if such payment or proceeds had not been received by Lender.

 

(iii) Borrower
shall pay principal, interest, and all other amounts payable hereunder, or under any other Loan Document, without any deduction whatsoever,
including any deduction for any setoff or counterclaim.

 

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(k) IMPORTANT
INFORMATION ABOUT PROCEDURES REQUIRED BY THE USA PATRIOT ACT. To help the government fight the funding of terrorism and money laundering
activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each entity or person
who opens an account or establishes a relationship with Lender.

 

What this means: When
an entity or person opens an account or establishes a relationship with Lender, Lender may ask for the name, address, date of birth, and
other information that will allow the Lender to identify the entity or person who opens an account or establishes a relationship with
Lender. Lender may also ask to see identifying documents for the entity or person.

 

(l) Business
Purpose. Borrower represents and warrants to Lender that the proceeds of this Note shall be used by Borrower exclusively for commercial
and business purposes, and that none of the proceeds of this Note shall be used by Borrower for personal, family, or household purposes.

 

8. Power
To Confess Judgment. 

 

Borrower authorizes any attorney
at law to appear in any court of record in the State of Ohio or in any other state or territory of the United States of America after
the loan evidenced by this Note becomes due, whether by acceleration or otherwise, to waive the issuing and service of process, and to
confess judgment against Borrower in favor of Lender for the amount then appearing due on this Note, together with costs of suit, and
thereupon to waive all errors and all rights of appeal and stays of execution. Borrower waives any conflict of interest that an attorney
hired by Lender may have in acting on Borrower’s behalf in confessing judgment against Borrower while such attorney is retained
by Lender. Borrower expressly consents to such attorney acting for Borrower in confessing judgment and to such attorney’s fee being
paid by Lender or deducted from the proceeds of collection of this Note or collateral security therefor.

 

9. WAIVER
OF JURY TRIAL.

 

BORROWER ACKNOWLEDGES AND AGREES THAT THERE
MAY BE A CONSTITUTIONAL RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY CLAIM, DISPUTE OR LAWSUIT ARISING BETWEEN OR AMONG BORROWER AND LENDER,
BUT THAT SUCH RIGHT MAY BE WAIVED. ACCORDINGLY, THE BORROWER AGREES THAT, NOTWITHSTANDING SUCH CONSTITUTIONAL RIGHT, IN THIS COMMERCIAL
MATTER, BORROWER BELIEVES AND AGREES THAT IT SHALL BE IN THEIR BEST INTERESTS TO WAIVE SUCH RIGHT, AND, ACCORDINGLY, HEREBY WAIVES SUCH
RIGHT TO A JURY TRIAL, AND FURTHER AGREES THAT THE BEST FORUM FOR HEARING ANY CLAIM, DISPUTE, OR LAWSUIT, IF ANY, ARISING IN CONNECTION
WITH THIS AGREEMENT, THE LOAN DOCUMENTS, OR THE RELATIONSHIP AMONG THE BORROWER, LENDER, AND ANY OTHER PARTY TO THE LOAN DOCUMENTS, IN
EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, OR WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE, SHALL BE A COURT OF COMPETENT
JURISDICTION SITTING WITHOUT A JURY. 

 

10. PAYMENTS
FROM DEPOSIT ACCOUNT.

 

Borrower
authorizes Lender to debit its Operating Account (1308194248) which Borrower will maintain with Lender for payments due to Lender
under this Note.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK –

SIGNATURE PAGE TO IMMEDIATELY FOLLOW]

 

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Borrower has executed this
Note in Stark County, Ohio, and has executed and delivered this Note as of the day and year first set forth above.

 

WARNING – BY
SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF YOU DO NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE
CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT, OR ANY OTHER CAUSE.

 

	 	HOF Village Center For Excellence, LLC,

 a Delaware limited liability company
	 	 
	 	By:	/s/ Michael Crawford
	 	 	Michael Crawford,
	 	 	President and Chief Executive Officer

 

The Borrower acknowledges that it has read
and understood all the provisions of this Note, including the confession of judgment and waiver of jury trial, and has been advised by
counsel as necessary or appropriate.

 

Signature Page 1 of 1

Promissory NoteExhibit
10.3

 

GUARANTY
OF PAYMENT

 

This
Guaranty of Payment (“Guaranty”) made as of the 15 day of December, 2021 (the “Effective Date”),
by Hall of Fame Resort & Entertainment Company, a Delaware corporation (the “Guarantor”), to and for the
benefit of ERIEBANK, a division of CNB Bank, a wholly owned subsidiary of CNB Financial Corporation, a Pennsylvania corporation, its
successors and assigns (the “Lender”).

 

RECITALS:

 

WHEREAS,
HOF Village Center For Excellence, LLC, a Delaware limited liability company (“Borrower”) and Lender entered
into that certain Loan Agreement dated on or about the date hereof (as amended, restated, replaced, extended, or otherwise modified
from time to time, the “Loan Agreement”) whereby Lender agreed to make a loan (the “Loan”) to Borrower
in the principal amount of up to Twenty-Two Million Forty Thousand and No/100 Dollars ($22,040,000.00). Capitalized terms not otherwise
defined herein shall have the meanings ascribed to them in the Loan Agreement.

 

WHEREAS,
in connection with the Loan, Borrower has executed and delivered to Lender that certain Promissory Note (as amended, restated,
replaced, extended, or otherwise modified from time to time, the “Note”) dated as of the Effective Date in the amount
of the Loan, which Note is secured by an Open-End Mortgage, Assignment of Leases and Rents, Security Agreement, and Fixture Filing
(as amended, restated, replaced, extended, or otherwise modified from time to time, the “Mortgage”) made by Borrower
in favor of Lender encumbering the Project; and (ii) the other Loan Documents (as defined in the Loan Agreement).

 

WHEREAS,
Guarantor will derive an economic benefit from the Loan evidenced and secured by the Note, the Mortgage and the other Loan Documents.

 

WHEREAS,
Lender has relied on the statements and agreements contained herein in agreeing to make the Loan, and the execution and delivery of this
Guaranty by Guarantor is a condition precedent to the making of the Loan by Lender.

 

AGREEMENTS:

 

NOW,
THEREFORE, intending to be legally bound, Guarantor, in consideration of the matters described in the foregoing Recitals, which Recitals
are incorporated herein and made a part hereof, and for other good and valuable consideration the receipt and sufficiency of which are
acknowledged, hereby covenants and agrees for the benefit of Lender and its respective successors, indorsees, transferees, participants
and assigns as follows:

 

     

     

    

 

1. Guaranteed
Obligations.

 

(a) Guarantor
absolutely, unconditionally, irrevocably, and jointly and severally guarantees:

 

(i) the
full and prompt payment of the principal of and interest on the Note when due, whether at stated maturity, upon acceleration or otherwise,
and at all times thereafter, as well as the full and prompt payment of any and all of Borrower’s liabilities, obligations, and
debts to Lender, now existing or hereinafter incurred or created, including, without limitation, all loans, advances, interest, costs,
debts, lease obligations, liabilities arising under Hedging Contracts (as defined in the Loan Agreement), commercial card indebtedness,
and any other obligations and liabilities of Borrower to Lender; whether any such indebtedness is due or not due, absolute or contingent,
liquidated or unliquidated, determined or undetermined; whether recovery on the indebtedness may be or may become barred or unenforceable
against Borrower for any reason whatsoever (collectively, the “Indebtedness”);

 

(ii) the
prompt, full and complete performance of all of Borrower’s payment obligations under each and every covenant contained in the Loan
Documents; and

 

(iii) the
full and prompt payment of any Enforcement Costs (as hereinafter defined in Section 9 hereof).

 

(b) All
amounts due, debts, liabilities and payment obligations described in subsection (a) of this Section 1 shall be hereinafter collectively
referred to as the “Guaranteed Obligations.”

 

(c) Notwithstanding
anything to the contrary contained herein, the definition of “Guaranteed Obligations” shall specifically exclude any
and all Excluded Swap Obligations. The foregoing limitation of the definition of Guaranteed Obligations shall only be deemed applicable
to the obligations of the Guarantor (or solely any particular Guarantor(s) if there is more than one Guarantor) under the particular
Swap (or Swaps), or, if arising under a master agreement governing more than one Swap, the portion thereof, that constitute Excluded
Swap Obligations. As used herein: (i) “Excluded Swap Obligations” means, with respect to Guarantor, any obligation
to pay or perform under any agreement, contract or transaction that constitutes a Swap if, and to the extent that, all or any portion
of this Guaranty that relates to the obligations under such Swap is or becomes illegal as to such Guarantor under the Commodity Exchange
Act (7 U.S.C.§1 et seq.), as amended from time to time, and any successor statute (the “CEA”), or any rule, regulation,
or order of the Commodity Futures Trading Commission (the “CFTC”), by virtue of such Guarantor’s failure for
any reason to qualify as an “eligible contract participant” (as defined in the CEA and regulations promulgated thereunder)
on the Eligibility Date for such Swap; (ii) “Eligibility Date” means the date on which this Guaranty becomes effective
with respect to the particular Swap (for the avoidance of doubt, the Eligibility Date shall be the date of the execution of the particular
Swap if this Guaranty is then in effect, and otherwise it shall be the date of execution and delivery of this Guaranty); and (iii) “Swap”
means any “swap” as defined in Section 1a(47) of the CEA and regulations thereunder between the Borrower and the Lender,
other than (A) a swap entered into on, or subject to the rules of, a board of trade designated as a contract market under Section 5 of
the CEA, or (B) a commodity option entered into pursuant to CFTC Regulation 32.3(a).

 

(d) Each
Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or
other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guaranty or any
other Loan Document in respect of Swap Obligations; provided, however, that each Qualified ECP Guarantor shall only be
liable under this Section 1(d) for the maximum amount of such liability that can be hereby incurred without rendering its obligations
under this Section 1(d), or otherwise under this Guaranty, voidable under applicable law relating to fraudulent conveyance or fraudulent
transfer, and not for any greater amounts. The obligations of each Qualified ECP Guarantor under this Section 1(d) shall remain in full
force and effect until the Guaranteed Obligations and all other amounts payable under this Guaranty have been paid in cash and performed
in full, and all commitments to extend credit under, and all letters of credit issued under, the Loan Documents have terminated. Each
Qualified ECP Guarantor intends that this Section 1(d) constitute, and this Section 1(d) shall be deemed to constitute, a “keepwell,
support, or other agreement” for the benefit of each such other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the
CEA. As used herein:

 

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(i) “Qualified
ECP Guarantor”: In respect of any Swap Obligations, each Borrower or Guarantor that has total assets exceeding $10,000,000
at the time the relevant guaranty or grant of the relevant security interest becomes effective with respect to such Swap Obligation or
such other Person as constitutes an “eligible contract participant” under the CEA or any regulations promulgated thereunder
and can cause another Person to qualify as an “eligible contract participant” at such time by entering into a keepwell under
Section 1a(18)(A)(v)(II) of the CEA.

 

(ii) “Swap
Obligation”: With respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that
constitutes a “swap” within the meaning of section 1a(47) of the CEA.

 

(iii) “Loan
Party”: The Borrower and the Guarantors and any other Person (as defined in the Loan Agreement) from time to time executing
a Loan Document (other than the Lender), and “Loan Parties” means all such Persons, collectively.

 

2. Independent
Obligations. In the event Borrower shall fail to pay in full, when due, after the expiration of any applicable cure or grace period,
any of the Guaranteed Obligations, Guarantor agrees, within ten (10) days after written demand by Lender or the holder of the Note, to
pay the Guaranteed Obligations regardless of any defense, right of set-off or claims which Borrower or Guarantor may have against Lender
or the holder of the Note. All of the remedies set forth herein and/or provided for in any of the Loan Documents or at law or equity
shall be equally available to Lender, and the choice by Lender of one such remedy over another shall not be subject to question or challenge
by Guarantor or any other person, nor shall any such choice be asserted as a defense, setoff, or failure to mitigate damages in any action,
proceeding, or counteraction by Lender to recover or seeking any other remedy under this Guaranty, nor shall such choice preclude Lender
from subsequently electing to exercise a different remedy. Without limitation to the generality of the foregoing, it is expressly hereby
acknowledged and agreed that the obligations of Guarantor hereunder are independent of the obligations of Borrower, Guarantor or any
other guarantor or indemnitor under any of the other Loan Documents to which they may be a party, and a separate action or actions may
be brought and prosecuted against Guarantor whether or not any action is brought against Borrower, any other guarantor or indemnitor
and whether or not Borrower is joined in any such action or actions.

 

3. Waiver
of Defenses.

 

(a) Except
as prohibited by applicable law and except for notices specifically required by the Loan Documents, Guarantor waives any right to require
Lender: (i) to make any presentment, protest, demand, or notice of any kind, including notice of any nonpayment of the Guaranteed
Obligations or of any nonpayment related to any collateral securing the Guaranteed Obligations, or notice of any action or nonaction
on the part of Borrower, Lender, any surety, endorser, or other guarantor in connection with the Guaranteed Obligations or in connection
with the creation of new or additional loans or obligations; (ii) to resort for payment or to proceed directly or at once against any
person, including Borrower or any other guarantor; (iii) to proceed directly against any collateral securing the Guaranteed Obligations,
any other guarantor, or any other person; (iv) to give notice of the terms, time, and place of any public or private sale of any personal
property collateral, or to comply with any other applicable provisions of the Uniform Commercial Code; or (v) to pursue any other remedy
within Lender’s power.

 

(b) Guarantor
further agrees to: (i)  refrain from asserting, until after repayment in full of the Loan, any defense, right of set-off or other
claim which Guarantor may have against Borrower; (ii) waive any defense, right of set-off or other claim which Borrower may have against
Lender, or the holder of the Note; (iii) waive any and all rights Guarantor may have under any anti-deficiency statute or other similar
protections; and (iv) waive any failure by Lender to inform Guarantor of any facts Lender may now or hereafter know about Borrower,
the Project, the Loan, or the transactions contemplated by the Loan Agreement, it being understood and agreed that Lender has no duty
so to inform and that Guarantor is fully responsible for being and remaining informed by Borrower of all circumstances bearing on the
risk of nonperformance of Borrower’s obligations.

 

    3

     

    

 

(c) In
addition to, and without limitation to, the foregoing waivers, Guarantor hereby also waives: (i) any right to require Lender, as a condition
of payment or performance or completion by any Guarantor, to: (A) proceed against Borrower, any other guarantor, or any other person,
(B) proceed against or exhaust any security held from Borrower, any other guarantor, or any other person, (C) proceed against or
have resort to any balance of any deposit account or credit on the books of Lender in favor of Borrower or any other person, or (D) pursue
any other remedy in the power of Lender whatsoever; (ii) any defense arising by reason of the incapacity, lack of authority or any disability
or other defense of Borrower, including, without limitation, any defense based on or arising out of the lack of validity or the unenforceability
of the Guaranteed Obligations or any agreement or instrument related thereto or by reason of the cessation of the liability of Borrower
from any cause other than payment, performance and completion in full of the Guaranteed Obligations; (iii) any defense based upon any
statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome
than that of the principal; (iv) (A) any principles or provisions of law, statutory or otherwise, which are or might be in conflict with
the terms of this Guaranty and any legal or equitable discharge of any Guarantor’s obligations hereunder (other than indefeasible
payment, performance and completion of the Guaranteed Obligations or the Loan in full), (B) the benefit of any statute of limitations
affecting any Guarantor’s liability hereunder or the enforcement hereof, (C) any rights to set-offs, recoupments and counterclaims
and (D) promptness, diligence and any requirement that Lender protect, secure, perfect or insure any security interest or lien or
any property subject thereto; (v) any release, discharge, modification, impairment or limitation of the liability of Borrower to Lender,
whether consented to by Lender, consensual or arising by operation of law or any proceedings in bankruptcy or reorganization, or from
any other cause, other than payment in full of the Loan; (vi) any defense based on any rejection or disaffirmance of the Guaranteed Obligations,
or any part thereof, or any security held therefor, in any such proceedings in bankruptcy or reorganization; and (vii) any defense based
on any action taken or omitted by Lender in any proceedings in bankruptcy or insolvency involving Borrower, including any election to
have their claim allowed as being secured, partially secured or unsecured, any extension of credit by Lender to Borrower in any proceedings
in bankruptcy or insolvency, and taking and holding by Lender of any security for any such extension of credit.

 

4. Authorization
of Amendments to Loan Documents; Waiver of Right to Notice of Amendment. 

 

(a) The
obligations of the undersigned Guarantor under this Guaranty extend to all amendments, supplements, modifications, renewals, replacements
or extensions of the Loan Documents and all Hedging Contracts at any rate or rates of interest. The liability of Guarantor and the rights
of the Lender under this Guaranty will not be impaired or affected in any manner by, and Guarantor hereby consents in advance to, and,
except as specifically required by law or by the Loan Documents, waives any requirement of notice for, any: (i) disposition, impairment,
release, surrender, substitution, or modification of any collateral securing the Guaranteed Obligations or the obligations created by
this Guaranty or failure to perfect a security interest in any collateral; (ii) release (including adjudication or discharge in bankruptcy)
or settlement with Borrower or any other party which may be or become liable for the Guaranteed Obligations (including, without limitation,
any maker, indorser, guarantor or surety); (iii) delay in enforcement of payment of the Guaranteed Obligations or delay in enforcement
of this Guaranty; (iv) delay, omission, waiver, or forbearance in exercising any right or power with respect to the Guaranteed Obligations
or this Guaranty; (v) defense arising from the enforceability, validity or genuineness of any of the Loan Documents; (vi) defenses
or counterclaims that the Borrower may assert under or in respect of any of the Loan Documents (other than payment), including, but not
limited to, failure of consideration, fraud, payment, statute of frauds, bankruptcy, statute of limitations, lender liability, accord
and satisfaction and usury; or (vii) other act or omission which might otherwise constitute a legal or equitable discharge of the undersigned.
Guarantor acknowledges that no representations of any kind whatsoever have been made by Lender. No modification or waiver of any of the
provisions of this Guaranty shall be binding upon Lender except as expressly set forth in a writing duly signed and delivered by Lender.

 

    4

     

    

 

(b) Further,
and without limitation to the foregoing, Lender, upon such terms as it deems appropriate, without notice or demand to Guarantor, except
as specifically required by law or by the Loan Documents, and without affecting the validity or enforceability of this Guaranty or giving
rise to any reduction, limitation, impairment, discharge or termination of the Guarantor’s liability hereunder, from time to time
may: (i) renew, extend, accelerate, increase the rate of interest on, or otherwise change the time, place, manner or terms of payment
or performance under the Loan Documents, (ii) settle, compromise, release or discharge, or accept or refuse any offer of performance
with respect to, or substitutions for, the Guaranteed Obligations and/or the Loan Documents, and/or subordinate the payment of the same
to the payment of any other obligations; (iii) request and accept other guaranties of any of Borrower’s obligations under the Loan
Documents and take and hold security for the payment or performance of this Guaranty or the Loan Documents; (iv) release, surrender,
exchange, substitute, compromise, settle, rescind, waive, alter, subordinate or modify, with or without consideration, any security for
payment or performance of Borrower’s obligations under the Loan Documents, any other guaranties of the Loan, or any other obligation
of any person (including any other guarantor) with respect to the Loan; (v) enforce and apply any security now or hereafter held by or
for the benefit of Lender in respect of this Guaranty or the Loan and direct the order or manner of sale thereof, and to bid at any such
sale, or exercise any other right or remedy that Lender may have against any such security, in each case as in its discretion it may
determine, including foreclosure on any such security pursuant to one or more judicial or non-judicial sales, even though such action
operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of Guarantor against Borrower or
any security for the Guaranteed Obligations; (vi) apply any payments or recoveries from Borrower, Guarantor or any other source, and
any proceeds of any security, to the Guaranteed Obligation in such manner, order and priority as Lender may elect (whether or not those
obligations are guaranteed by this Guaranty or secured at the time of the application); and (vii) exercise any other rights available
to it under the Loan Documents.

 

(c) Except
as specifically required by law or by the Loan Documents, Lender may take any of the foregoing actions upon any terms and conditions
as Lender may elect, without giving notice to, or obtaining consent from, Guarantor and without affecting the liability of any Guarantor
to Lender and this Guaranty, and the obligations of Guarantor hereunder shall be valid and enforceable and shall not be subject to any
reduction, limitation, impairment, discharge or termination for any reason.

 

(d) Guarantor
further agrees that Guarantor’s liability as guarantor shall not be impaired or affected by any renewals or extensions which may
be made from time to time, with or without the knowledge or consent of Guarantor of the time for payment of interest or principal under
the Note, it being the intent hereof that, subject to Lender’s compliance with the terms of this Guaranty, Guarantor shall remain
liable for the payment of the Guaranteed Obligations, until the Guaranteed Obligations has been paid in full, notwithstanding any act
or thing which might otherwise operate as a legal or equitable discharge of a surety. Guarantor further understands and agrees that Lender
may at any time enter into agreements with Borrower to amend and modify the Note, Loan Agreement, Mortgage or other Loan Documents, and
may waive or release any provision or provisions of the Note, Loan Agreement, Mortgage and other Loan Documents or any thereof, and,
with reference to such instruments, may make and enter into any such agreement or agreements as Lender and Borrower may deem proper and
desirable, without in any manner impairing or affecting this Guaranty or any of Lender’s rights hereunder or Guarantor’s
obligations hereunder.

 

    5

     

    

 

5. Guaranty
of Payment and Not of Collection. This is an absolute, present and continuing guaranty of payment and not of collection. Guarantor
agrees that this Guaranty may be enforced by Lender without the necessity at any time of resorting to or exhausting any other security
or collateral given in connection herewith or with the Note, Loan Agreement, Mortgage or any of the other Loan Documents through foreclosure
or sale proceedings, as the case may be, under the Mortgage or otherwise, or resorting to any other guaranties, and Guarantor hereby
waives any right to require Lender to join Borrower in any action brought hereunder or to commence any action against or obtain any judgment
against Borrower or to pursue any other remedy or enforce any other right. Guarantor further agrees that nothing contained herein or
otherwise shall prevent Lender from pursuing concurrently or successively all rights and remedies available to it at law and/or in equity
or under the Note, Loan Agreement, Mortgage or any other Loan Documents, and the exercise of any of its rights or the completion of any
of its remedies shall not constitute a discharge of Guarantor’s obligations hereunder, it being the purpose and intent of Guarantor
that the obligations of Guarantor hereunder shall be absolute, independent and unconditional under any and all circumstances whatsoever
and Guarantor shall remain fully liable for the payment and performance of all of the Guaranteed Obligations until the Loan and all Guaranteed
Obligations have been indefeasibly paid and performed in full. None of Guarantor’s obligations under this Guaranty or any remedy
for the enforcement thereof shall be impaired, modified, changed or released in any manner whatsoever by any impairment, modification,
change, release or limitation of the liability of Borrower under the Note, Loan Agreement, Mortgage or other Loan Documents or by reason
of the bankruptcy of Borrower or by reason of any creditor or bankruptcy proceeding instituted by or against Borrower. In the event of
the foreclosure of the Mortgage and of a deficiency, Guarantor hereby promises and agrees forthwith to pay the amount of such deficiency
notwithstanding the fact that recovery of said deficiency against Borrower would not be allowed by applicable law; however, the foregoing
shall not be deemed to require that Lender institute foreclosure proceedings or otherwise resort to or exhaust any other collateral or
security prior to or concurrently with enforcing this Guaranty. As used in this Guaranty, an “indefeasible” payment shall
mean and refer to a payment that is no longer subject to potential disaffirmance, impairment, set aside, offset, recoupment, defeasance,
recovery, disallowance, or recapture pursuant to the provisions of any federal or state law, regulation or order applicable to or governing
creditors’ rights, including, without limitation, Title 11 of the United States Code, as amended, either by reason of the passage
of time following such payment or the final judgment of a court of competent jurisdiction establishing the unassailable right of the
party receiving such payment to retain such payment without reduction, offset, or other impairment.

 

6. Reinstatement.
If and to the extent that, for any reason, any payment (or portion thereof) by or on behalf of Borrower or Guarantor in respect of the
Guaranteed Obligations is rescinded or must be otherwise restored by Lender or any holder of the Guaranteed Obligations, whether as a
result of any proceedings in bankruptcy or insolvency, the appointment of a receiver, intervenor, conservator, trustee or similar officer
for Borrower, or otherwise, then the obligations of Guarantor shall be automatically reinstated and will continue to be effective as
though such payment had not been made regardless of whether Lender contested the order requiring return of such payment. Guarantor agrees
that it will indemnify Lender on demand for all reasonable out-of-pocket costs and expenses (including, without limitation, reasonable
fees and expenses of counsel) incurred by Lender in connection with such rescission or restoration, including any such costs and expenses
incurred in defending against any claim alleging that such payment constituted a preference, fraudulent transfer or similar payment under
any bankruptcy, insolvency or similar law.

 

7. Lender’s
Right to Assign Loan Documents and Guaranty. In the event Lender or any holder of the Note shall assign the Note and this Guaranty,
following written notice from Lender or such holder to Guarantor, Guarantor will accord full recognition thereto and agrees that all
rights and remedies of Lender or such holder hereunder shall be enforceable against Guarantor by such assignee with the same force and
effect and to the same extent as would have been enforceable by Lender or such holder but for such assignment; provided, however, that
unless Lender shall otherwise consent in writing, Lender shall have an unimpaired right, prior and superior to that of its assignee or
transferee, to enforce this Guaranty for Lender’s benefit to the extent any portion of the Guaranteed Obligations or any interest
therein is not assigned or transferred.

 

    6

     

    

 

8. Lender’s
Right of Set-Off.  If an Event of Default (as defined in the Loan Agreement) shall occur and be continuing beyond any applicable
cure or grace periods, Lender shall have the right, in addition to all other rights and remedies available to it, to set-off against
and to appropriate and apply to the unpaid balance of the Guaranteed Obligations any debt owing to, and any other funds held in any manner
for the account of, Guarantor by Lender, including without limitation all funds in all deposit accounts (general or special) now or hereafter
maintained by Guarantor with Lender; however, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff
would be prohibited by law. Such right shall exist whether or not Lender shall have made any demand under this Guaranty or any
such participation or any other Loan Document and whether or not the Guaranteed Obligations are matured or unmatured. Guarantor
hereby confirms the foregoing arrangements and each such holder’s and the Lender’s right of banker’s lien and set-off,
and nothing in this Guaranty or any other Loan Document shall be deemed any waiver or prohibition of any such holder’s or of Lender’s
right of banker’s lien or set-off.

 

9. Liability
for Enforcement Costs. Guarantor agrees to pay all costs, expenses (including reasonable attorneys' fees), and disbursements incurred
by Lender on Borrower’s behalf (collectively, the “Enforcement Costs”): (a) in all efforts made to enforce this
Guaranty; (b) in connection with modifying or amending this Guaranty; (c) in enforcing and foreclosing on Lender’s security interest
in any Collateral or possession of any premises containing any Collateral, whether through judicial proceedings or otherwise; (d) in
defending or prosecuting any actions or proceedings arising out of or relating to Lender's transactions with Guarantor; or (e) in connection
with any advice given to Lender with respect to its rights and obligations under this Guaranty and all related agreements. Expenses being
reimbursed by Guarantor under this section include (but not be limited to) reasonable out-of-pocket costs and expenses incurred in connection
with: (t) appraisals and insurance reviews; (u) environmental examinations and reports; (v) field examinations and the preparation of
reports based thereon; (w) the fees charged by a third party retained by Lender with respect to each field examination; (x) taxes, fees
and other charges for (i) lien and title searches, and (ii) the recording of any mortgages, filing of any financing statements and continuations,
and other actions to perfect, protect, and continue Lender’s security interests; (y) sums paid or incurred to take any action
required of Borrower under the Loan Documents that Borrower fails to pay or take; and (z) forwarding loan proceeds, collecting checks
and other items of payment, and costs and expenses of preserving and protecting the Collateral.

 

10. Severability;
Partial Invalidity. Lender and Guarantor intend and believe that each provision in this Guaranty comports with all applicable local,
state and federal laws and judicial decisions. However, if any provision or provisions, or if any portion of any provision or provisions,
in this Guaranty is found by a court of law to be in violation of any applicable local, state or federal ordinance, statute, law, administrative
or judicial decision, or public policy, and if such court should declare such portion, provision or provisions of this Guaranty to be
illegal, invalid, unlawful, void or unenforceable as written, then it is the intent of all parties hereto that such portion, provision
or provisions shall be given force to the fullest possible extent that they are legal, valid and enforceable, that the remainder of this
Guaranty shall be construed as if such illegal, invalid, unlawful, void or unenforceable portion, provision or provisions were not contained
therein, and that the rights, obligations and interest of Lender or the holder of the Note under the remainder of this Guaranty shall
continue in full force and effect.

 

11. WAIVER
OF MARSHALING; JURISDICTION. TO THE GREATEST EXTENT PERMITTED BY LAW, GUARANTOR HEREBY WAIVES ANY AND ALL RIGHTS TO REQUIRE MARSHALING
OF ASSETS BY LENDER. WITH RESPECT TO ANY SUIT, ACTION OR PROCEEDINGS RELATING TO THIS GUARANTY (EACH, A “PROCEEDING”), EACH
OF LENDER AND GUARANTOR IRREVOCABLY (A) SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS HAVING JURISDICTION
IN THE CITY OF CLEVELAND AND STATE OF OHIO; AND (B) WAIVES ANY OBJECTION WHICH IT MAY HAVE AT ANY TIME TO THE LAYING OF VENUE OF
ANY PROCEEDING BROUGHT IN ANY SUCH COURT, WAIVES ANY CLAIM THAT ANY PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM AND FURTHER
WAIVES THE RIGHT TO OBJECT, WITH RESPECT TO SUCH PROCEEDING, THAT SUCH COURT DOES NOT HAVE JURISDICTION OVER SUCH PARTY. NOTHING IN THIS
GUARANTY SHALL PRECLUDE LENDER FROM BRINGING A PROCEEDING IN ANY OTHER JURISDICTION NOR WILL THE BRINGING OF A PROCEEDING IN ANY ONE
OR MORE JURISDICTIONS PRECLUDE THE BRINGING OF A PROCEEDING IN ANY OTHER JURISDICTION. LENDER AND GUARANTOR FURTHER AGREE AND CONSENT
THAT, IN ADDITION TO ANY METHODS OF SERVICE OF PROCESS PROVIDED FOR UNDER APPLICABLE LAW, ALL SERVICE OF PROCESS IN ANY PROCEEDING IN
ANY OHIO STATE OR UNITED STATES COURT SITTING IN THE CITY OF CLEVELAND AND MAY BE MADE BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT
REQUESTED, DIRECTED TO THE APPLICABLE PARTY AT THE ADDRESS INDICATED BELOW, AND SERVICE SO MADE SHALL BE COMPLETE UPON RECEIPT; EXCEPT
THAT IF SUCH PARTY SHALL REFUSE TO ACCEPT DELIVERY, SERVICE SHALL BE DEEMED COMPLETE FIVE (5) DAYS AFTER THE SAME SHALL HAVE BEEN
SO MAILED.

 

    7

     

    

 

12. DESIGNATION
OF AUTHORIZED AGENT. GUARANTOR DOES HEREBY DESIGNATE AND APPOINT:

 

Nick
Catanzarite, Esq. 

Walter
Haverfield LLP

1301 E. Ninth St., Suite 3500

Cleveland, Ohio 44114

 

AS
ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUIT, ACTION OR
PROCEEDING IN ANY FEDERAL OR STATE COURT IN CLEVELAND, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN
NOTICE OF SAID SERVICE MAILED OR DELIVERED IN THE MANNER PROVIDED HEREIN FOR NOTICE TO GUARANTOR SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE
SERVICE OF PROCESS UPON GUARANTOR, IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF OHIO. GUARANTOR (A) SHALL GIVE PROMPT NOTICE
TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (B) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE
AUTHORIZED AGENT WITH AN OFFICE IN OHIO WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF
PROCESS, AND (C) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN OHIO OR IS DISSOLVED
WITHOUT LEAVING A SUCCESSOR.

 

13. SUBORDINATION
OF INDEBTEDNESS. ANY INDEBTEDNESS OF BORROWER TO GUARANTOR NOW OR HEREAFTER EXISTING IS HEREBY SUBORDINATED TO THE PAYMENT AND PERFORMANCE
OF THE GUARANTEED OBLIGATIONS. UNTIL SUCH TIME AS ONE HUNDRED PERCENT (100%) OF THE GUARANTEED OBLIGATIONS SHALL HAVE BEEN SATISFIED
OR DISCHARGED, REGARDLESS OF THE AMOUNT OF GUARANTOR’S OBLIGATION TO LENDER HEREUNDER, GUARANTOR IRREVOCABLY WAIVES ANY AND ALL
RIGHTS GUARANTOR MAY HAVE AT ANY TIME (WHETHER ARISING DIRECTLY OR INDIRECTLY, BY OPERATION OF LAW OR CONTRACT) TO ASSERT ANY CLAIM AGAINST
THE BORROWER ON ACCOUNT OF PAYMENTS MADE BY GUARANTOR UNDER THIS GUARANTY, INCLUDING, WITHOUT LIMITATION, ANY AND ALL RIGHTS OF SUBROGATION,
REIMBURSEMENT, EXONERATION, CONTRIBUTION OR INDEMNITY. UNTIL SUCH TIME AS ONE HUNDRED PERCENT (100%) OF THE GUARANTEED OBLIGATIONS SHALL
HAVE BEEN SATISFIED OR DISCHARGED, REGARDLESS OF THE AMOUNT OF GUARANTOR’S OBLIGATION TO LENDER HEREUNDER, GUARANTOR IRREVOCABLY
SUBORDINATES ANY AND ALL GUARANTEED OBLIGATIONS OF THE BORROWER TO GUARANTOR, PRESENT AND FUTURE, HOWEVER EVIDENCED, TO THE PRIOR PAYMENT
OF THE GUARANTEED OBLIGATIONS TO LENDER.

 

14. Priority
of Payments Received. Any amounts received by Lender from any source on account of the Loan may be utilized by Lender for the payment
of the Guaranteed Obligations and any other obligations of Borrower to Lender in such order or priority as Lender may from time to time
elect.

 

15. WAIVER
OF RIGHT TO JURY TRIAL. GUARANTOR ACKNOWLEDGES AND AGREES THAT THERE MAY BE A CONSTITUTIONAL RIGHT TO A JURY TRIAL IN CONNECTION
WITH ANY CLAIM, DISPUTE OR LAWSUIT ARISING WITH RESPECT TO THIS GUARANTY, BUT THAT SUCH RIGHT MAY BE WAIVED. ACCORDINGLY, GUARANTOR
AGREES THAT, NOTWITHSTANDING SUCH CONSTITUTIONAL RIGHT, IN THIS COMMERCIAL MATTER, GUARANTOR BELIEVES AND AGREES THAT IT SHALL BE IN
GUARANTOR’S BEST INTERESTS TO WAIVE SUCH RIGHT, AND, ACCORDINGLY, HEREBY WAIVES SUCH RIGHT TO A JURY TRIAL, AND FURTHER AGREES
THAT THE BEST FORUM FOR HEARING ANY CLAIM, DISPUTE, OR LAWSUIT, IF ANY, ARISING IN CONNECTION WITH THIS GUARANTY OR THE RELATIONSHIP
AMONG BORROWER, LENDER, AND GUARANTOR, WHETHER NOW EXISTING OR HEREAFTER ARISING, OR WHETHER SOUNDING IN CONTRACT OR TORT OR
OTHERWISE, SHALL BE A COURT OF COMPETENT JURISDICTION SITTING WITHOUT A JURY.

 

    8

     

    

 

16.
Reserved. 

 

17. Notices.
Any notice, demand, request or other communication which any party hereto may be required or may desire to give hereunder shall be in
writing and shall be deemed to have been properly given: (i) if hand delivered, effective upon receipt or (ii) if delivered by overnight
courier service, effective on the next Business Day following delivery to such courier service, or (iii) if mailed by United States registered
or certified mail, postage prepaid, return receipt requested, effective two (2) Business Days after deposit in the United States mails;
addressed in each case as follows:

 

	Guarantor: 	Hall of Fame Resort & Entertainment Company	 
	 	2626 Fulton Ave., NW 	 

	 	Canton, Ohio 44718	 
	 	Attn: Michael Crawford, Chief Executive Officer	 
	 	 	 
	With a copy to:	Walter Haverfield LLP	 
	 	1301 E. Ninth St., Suite 3500	 
	 	Cleveland, Ohio 44114	 
	 	Attention: Irene MacDougall, Esq.	 
	 	 	 
	Lender:	ErieBank	 
	 	Commercial Real Estate	 
	 	Crown Centre	 
	 	5005 Rockside Rd., Suite 625	 
	 	Independence, OH  44131	 
	 	Attention: Suzanne Hamilton	 
	 	 	 
	With a copy to:	Thompson Hine LLP	 
	 	3900 Key Tower	 
	 	127 Public Square	 
	 	Cleveland, Ohio 44114	 
	 	Attention: William R. Weir, Esq.	 

 

or
at such other address as the party to be served with notice may have furnished in writing to the party seeking or desiring to serve notice
as a place for the service of notice.

 

18. Representations,
Warranties, and Covenants. In order to induce Lender to make the Loan, Guarantor makes the following representations, warranties
and covenants to Lender set forth in this Section. Guarantor acknowledges that but for the truth and accuracy of the matters covered
by the following representations, warranties and covenants, Lender would not have agreed to make the Loan.

 

(a) Guarantor
is a corporation duly formed and existing under the laws of the State of Delaware.

 

(b) Any
and all financial data with respect to Guarantor which have heretofore been given to Lender by or on behalf of Guarantor fairly and accurately
present the financial condition of Guarantor as of the respective dates thereof in all material respects.

 

(c) To
Guarantor’s actual knowledge, the execution, delivery, and performance by Guarantor of this Guaranty does not and will not contravene
or conflict with: (i) any law, order, rule, regulation, writ, injunction or decree now in effect of any Government Authority, or court
having jurisdiction over Guarantor, (ii) any contractual restriction binding on or affecting Guarantor or Guarantor’s property
or assets which may materially adversely affect Guarantor’s ability to fulfill its obligations under this Guaranty, (iii) the instruments
creating any trust holding title to any assets included in Guarantor’s financial statements, or (iv) the organizational or other
documents of Guarantor.

 

    9

     

    

 

(d)
No authorizations, approvals or consents of, and no filings or registrations with, any governmental or regulatory authority or agency
are necessary for the execution, delivery or performance by Guarantor of this Guaranty or for the validity or enforceability hereof.

 

(e) This
Guaranty creates legal, valid, and binding obligations of Guarantor enforceable in accordance with its terms.

 

(f) Guarantor
shall comply with the Guarantor financial covenants and reporting requirements as set forth in the Loan Agreement.

 

All
of the above representations and warranties are deemed remade upon any extension of the Loan pursuant to the Loan Agreement. Guarantor
hereby agrees to indemnify and hold Lender free and harmless from and against all loss, cost, liability, damage, and expense, including
reasonable attorney’s fees and costs, which Lender may sustain by reason of the material inaccuracy or breach of any of the foregoing
representations and warranties as of the date the foregoing representations and warranties are made and are remade.

 

19. Successors
and Assigns Bound. This Guaranty shall be binding upon the heirs, executors, legal and personal representatives, successors and assigns
of Guarantor and shall not be discharged in whole or in part by the death of Guarantor. If more than one party executes this Guaranty,
the liability of all such parties shall be joint and several.

 

20. Delivery
of Financial Information. Guarantor shall deliver or cause to be delivered to Lender all of the Guarantor financial statements to
be delivered in accordance with the terms of the Loan Agreement. In addition, upon and during the occurrence of an Event of Default,
Guarantor will, promptly after the Lender’s written request therefor, provide the Lender with such other financial information
as the Lender may reasonably request. Guarantor represents and warrants to the Lender that all financial statements furnished or to be
furnished to the Lender with respect to such Guarantor will accurately reflect, in all material respects, such Guarantor’s financial
condition at the times and for the periods therein stated.

 

21. Prohibition
on Disposal of Assets. Guarantor hereby agrees, covenants, represents and warrants that so long as any portion of the Guaranteed
Obligations remains outstanding, Guarantor will not give or otherwise transfer or dispose of any material portion of Guarantor’s
assets to any other person or entity for less than the reasonably equivalent value of such assets, provided that Guarantor may transfer
any of its assets to and among any of its subsidiaries with or without value.

 

22. GOVERNING
LAW. THIS GUARANTY SHALL BE GOVERNED BY, AND EXCEPT TO THE EXTENT PRE-EMPTED BY FEDERAL LAW, CONSTRUED IN ACCORDANCE WITH, THE INTERNAL
LAWS OF THE STATE OF OHIO, EXCEPT TO THE APPLICABLE CONTRACTS MADE AND TO BE PERFORMED IN SUCH STATE AND ANY APPLICABLE LAWS OF THE UNITED
STATES OF AMERICA.

 

    10

     

    

 

23. Borrower’s
Use of Loan Proceeds. Lender shall be entitled to honor any request for Loan Proceeds made by Borrower and shall have no obligation
to see to the proper disposition of such advances. Guarantor agrees that its obligations hereunder shall not be released or affected
by reason of any improper disposition by Borrower of such Loan Proceeds.

 

24. Counterpart
Execution. This Guaranty 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 one and the same instrument.

 

25.
Patriot Act. IMPORTANT INFORMATION ABOUT PROCEDURES REQUIRED BY THE USA PATRIOT ACT. To help the government fight the funding of
terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information
that identifies each entity or person who opens an account or establishes a relationship with Lender.

 

What
this means: When an entity or person opens an account or establishes a relationship with Lender, Lender may ask for the name, address,
date of birth, and other information that will allow the Lender to identify the entity or person who opens an account or establishes
a relationship with Lender. Lender may also ask to see identifying documents for the entity or person.

 

26. Amendment
Must Be in Writing. The terms of this Guaranty may be waived, modified or amended only by an instrument in writing duly executed
by Guarantor and Lender.

 

27. Delay
Does Not Operate as Waiver; Time of the Essence. Neither failure to exercise, nor any delay in exercising, on the part of Lender,
any right or remedy under this Guaranty or any of the Loan Documents shall operate as a waiver, nor shall any single or partial exercise
of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. This Guaranty is subject to
enforcement at law or in equity, including actions for damages or specific performance. Time is of the essence hereof with respect to
Guarantors’ performance hereunder.

 

28. Payments
Made Free and Clear. All payments under this Guaranty shall be made free and clear of, and without deduction for, any and all present
and future taxes, levies or other fees or payments to public authorities of similar nature.

 

29. Reserved.

 

30. Headings.
The headings or captions of the Articles and Sections in this Guaranty are for convenience only, are not a part of this Guaranty, and
are not to be considered when interpreting this Guaranty.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK –

SIGNATURE
TO IMMEDIATELY FOLLOW]

 

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IN
WITNESS WHEREOF, Guarantor has executed and delivered this Guaranty as of the Effective Date.

 

	 	GUARANTOR:
	 	 	 
	 	Hall of Fame Resort & Entertainment Company,

a Delaware corporation
	 	 	 
	 	By:	/s/ Michael Crawford
	 	 	Michael Crawford,
	 	 	President and Chief Executive Officer

 

Signature Page to Guaranty
of Payment

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