Document:

Exhibit 10.5

 

POST-CLOSING MATTERS AGREEMENT

 

THIS POST-CLOSING
MATTERS AGREEMENT (as amended, modified and in effect from time to time, this “Agreement”) dated and made effective
as of November 7, 2022 (the “Effective Date”), is by and among HOF VILLAGE WATERPARK, LLC, a Delaware limited
liability company, having an address at 2014 Champions Gateway, Canton, OH 44708, Attn: General Counsel (“Seller”),
HFAKOH001 LLC, a Delaware limited liability company, having an address at c/o Oak Street Real Estate Capital, LLC, 30 N. LaSalle
St., Suite 4140, Chicago, IL 60602, Attn: Asset Management (“Buyer”), and HOF VILLAGE NEWCO, LLC, having an
address at 2014 Champions Gateway, Canton, OH 44708, Attn: General Counsel (“Guarantor”).

 

WHEREAS, Seller
and Buyer are entering into that certain Agreement for Purchase and Sale of Real Property dated as of the date hereof (the “Purchase
Agreement”), whereby Buyer will acquire from Purchaser the Property (as defined in the Purchase Agreement); Buyer will then
lease the Property to Seller pursuant to the Ground Lease (as defined in the Purchase Agreement); and Guarantor will deliver to Buyer
that certain Limited Recourse Carveout Guaranty (the “Guaranty”) and that certain Pledge and Security Agreement (the
“Pledge”), wherein Guarantor will pledge to Buyer as collateral security for the payment and performance of the Guaranteed
Obligations (as defined in the Pledge) a first priority security interest in the limited liability company interests of HOF Village Stadium,
LLC (“HOF Stadium LLC”);

 

WHEREAS, HOF Stadium
LLC owns a leasehold interest (the “Stadium Leasehold Interest”) in certain real property and improvements known as
the “Hall of Fame Stadium” located at 1835 Harrison Avenue NW, Canton, Ohio (the “Stadium”), pursuant to
that certain Project Lease dated as of February 26, 2016, and other related lease documents;

 

WHEREAS, Buyer’s
due diligence investigations of HOF Stadium LLC, the Stadium Leasehold Interest, and the Stadium remain ongoing as of the date hereof,
but Buyer is willing to proceed to the Closing under the Purchase Agreement so long as Seller enters into this Agreement; and

 

WHEREAS, all
capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Purchase Agreement.

 

NOW THEREFORE,
in consideration of the undertaking by Seller and Buyer to consummate the transactions contemplated by the Purchase Agreement and the
other documents and agreements contemplated thereby, Seller agrees with Buyer as follows:

 

 1. Put Right.

 

(a)   In
the event that Buyer, in its reasonable discretion, determines from Buyer’s review of third party reports (including title
commitment, survey, environmental reports, and zoning reports) or estoppel certificates that there is a material defect in the
status, condition, or sufficiency as collateral for the transactions described herein of HOF Stadium LLC, the Stadium Leasehold
Interest, the Stadium, or HOF Stadium LLC’s other assets, then Buyer shall have the right (the “Put Right”)
to cause the Seller to purchase the Property in accordance with the terms of this Section 1 by delivering a written notice to
Seller (a “Put Notice”) stating that Buyer intends to cause Seller to purchase the Property. Buyer must issue a
Put Notice, if at all, on or before November 30, 2022. In the event Buyer fails to issue a Put Notice by November 30, 2022, then
Buyer’s Put Right shall be deemed waived and shall be of no further force or effect. In the event Buyer issues any Put Notice
on or before November 30, 2022, then, on the date that is five (5) days following Seller’s receipt of a Put Notice, Seller
shall purchase the Property from Buyer on an as- is, where-is, with-all-faults basis (excluding only any liens or encumbrances
suffered through Buyer during its ownership) for an amount equal to the sum of (i) $50,000,000.00, and (ii) all of Buyer’s
reasonable and actual, out-of-pocket costs and expenses incurred in connection with the effectuation of the Put Right (the
“Put Purchase Price”). Any and all closing costs incurred by Buyer in connection with exercising its Put Right
pursuant to this Section 1, including, without limitation, recording fees, transfer taxes and Buyer’s reasonable
attorney’s fees, shall be paid by Seller at the closing of the transaction contemplated hereunder.

 

     

     

    

 

(b)   At
the closing occurring pursuant to the Put Right (the “Put Closing”), the parties will execute and deliver closing documents
in substantially similar form and substance to the closing documents delivered at the Closing under the Purchase Agreement, except that
Buyer and Seller shall terminate the Ground Lease, Pledge, and Guaranty, and Buyer shall promptly thereafter (i) submit terminations of
any UCC financing statements filed in connection therewith, and (ii) return to Seller any certificates evidencing the Pledged Company
Interests (as defined in the Pledge).

 

(c)   If
Seller defaults in its obligation to purchase the Property pursuant to the terms set forth in this Section 1, it shall be an immediate
Event of Default (as defined in the Ground Lease) under the Ground Lease entitling Buyer (as landlord) to pursue any and all remedies
under the Ground Lease, and Buyer shall, in addition to all other rights and remedies at law or in equity, be entitled to compel performance
pursuant to an action for specific performance hereunder.

 

2.   Mortgage.
In the event that Buyer determines that it would be better secured by a leasehold mortgage in its favor filed against the Stadium Leasehold
Interest, then Guarantor will cause HOF Stadium LLC to promptly (but in all events within thirty (30) days after Buyer’s request)
deliver a leasehold mortgage and customary related documents, all in form and substance reasonably satisfactory to Guarantor and Buyer.

 

 3. Easements.

 

(a) Seller
shall use commercially reasonable and continuous efforts to obtain and record with the Stark County Recorder releases and
terminations (the “Electric Easement Releases”) of the Electric Easements (as hereinafter defined). In the event
Buyer has not so obtained and recorded the Electric Easement Releases by August 7, 2023, then Buyer may pursue such Electric
Easement Releases at Seller’s cost (Seller to reimburse Buyer for such costs within thirty (30) days after an invoice
therefor), but neither such deadline nor such election by Buyer shall diminish Seller’s obligation under the first sentence of
this Section 3(a); provided, however, if Seller is unable to effectuate a release and termination of the Electrical Easements
by the aforementioned deadline, through no fault of Seller, then so long as Seller continues with continuous commercially reasonable
efforts to obtain such release and termination, the deadline shall be extended for an additional one hundred twenty (120) days.
“Electric Easements” means all of the following: (i) Easement to The Ohio Power Company, filed for record August
9, 1938, in Volume 1195, Page 383, of the Stark County, Ohio Records, (ii) Easement to The Ohio Power Company, filed for record
August 9, 1938, in Deed Book 1195, Page 384, of the Stark County, Ohio Records, (iii) Easement to The Ohio Power Company, filed for
record October 4, 1938, in Volume 1195, Page 436, of the Stark County, Ohio Records, (iv) Easement to The Ohio Power Company, filed
for record October 11, 1938, in Volume 1195, page 437, of the Stark County Records, Ohio Records, (v) Easement to The Ohio Power
Company, filed for record October 4, 1938, in Deed Book 1195, Page 438, of the Stark County, Ohio Records, (vi) Easement to The Ohio
Power Company, filed for record September 2, 1939, in Volume 1236, Page 564, of the Stark County, Ohio Records, (vii) Easement to
The Ohio Power Company, filed for record August 25, 1951, in Deed Book 1948, Page 383, of the Stark County, Ohio Records, and (viii)
Easement to The Ohio Power Company, filed for record August 25, 1951, in Deed Book 1948, Page 384, of the Stark County, Ohio
Records.

 

    2

     

    

 

(b)   Seller
shall use commercially reasonable and continuous efforts to agree with Ohio Power Company on the development of specific location maps
on the Property for that certain Easement to Ohio Power Company, filed for record September 15, 2022, in Instrument No. 202209150039089,
of the Stark County, Ohio Records (the “Blanket Easement”), such that the easement area for the Blanket Easement is
definitively described and illustrated on the Property, but in no event shall such easement area conflict with the improvements at the
Property. In the event Buyer has not finalized such maps by August 7, 2023, then Buyer may pursue such finalization at Seller’s
cost (Seller to reimburse Buyer for such costs within thirty (30) days after an invoice therefor), but neither such deadline nor such
election by Buyer shall diminish Seller’s obligation under the first sentence of this Section 3(b); provided, however, if
Seller is unable to modify the Blanket Easement, as it relates to the Property, by the aforementioned deadline, through no fault of Seller,
then so long as Seller continues with continuous commercially reasonable efforts to so modify the Blanket Easement, the deadline shall
be extended for an additional one hundred twenty (120) days. The parties acknowledge and agree that the Blanket Easement also encumbers
certain real property adjacent to the Property and there shall be no requirement for Seller to modify the Blanket Easement with respect
to such adjacent real property.

 

(c) Seller shall use
commercially reasonable and continuous efforts to complete the State of Ohio statutory procedure to release the Oil and Gas Leases
(as hereinafter defined) as dormant mineral interests. The parties acknowledge and agree that despite Seller’s commercially
reasonable efforts, the Oil and Gas Leases might not be subject to release pursuant to the Dormant Mineral Act and Seller’s
obligation for continuous efforts shall cease if and when such a determination is made. “Oil and Gas Leases”
means all of the following: (i) Oil and Gas Lease filed for record November 30, 1945 in Lease Book 81, Page 245 and rerecorded
November 1, 1946 in Volume 85, Page 129, of the Stark County, Ohio Records, (ii) Oil and Gas Lease filed for record November 30,
1945 in Lease Book 81, Page 247, of the Stark County, Ohio Records, (iii) Oil and Gas Lease filed for record November 30, 1945 in
Lease Book 81, Page 251, of the Stark County, Ohio Records, (iv) Oil and Gas Lease filed for record January 21, 1946 in Lease Book
81, Page 402, of the Stark County, Ohio Records, (v) Oil and Gas Lease filed for record February 11, 1946 in Lease Book 81, Page
501, of the Stark County, Ohio Records, (vi) Oil and Gas Lease filed for record February 14, 1946 in Volume 81, Page 533, of the
Stark County, Ohio Records, (vii) Oil and Gas Lease filed for record April 16, 1946 in Lease Book 82, Page 375, of the Stark County,
Ohio Records, (viii) Oil and Gas Lease filed for record June 5, 1946 in Volume 83, Page 149, of the Stark County, Ohio Records, (ix)
Oil and Gas Lease filed for record June 20, 1946 in Volume 83, Page 254, of the Stark County, Ohio Records, and (x) Oil and Gas
Lease filed for record June 17, 1947 in Lease Volume 88, page 363, of the Stark County Records.

 

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4.   Default;
Survival. If Seller defaults in its obligations under this Agreement by the applicable deadlines set forth in this Agreement, such
default shall be an immediate Event of Default under the Ground Lease entitling Buyer (as landlord) to pursue any and all remedies under
the Ground Lease. All matters set forth in this Agreement shall survive the Closing and delivery of the Deed.

 

5.   Notices.
All notices and other communications which may be or are required to be given or made by any party to the other in connection herewith
shall be in writing and shall be deemed to have been properly given on the date: (i) delivered in person; (ii) deposited in the United
States mail, registered or certified, return receipt requested; (iii) delivery via electronic mail to the addresses set forth below; or
(iv) deposited with a nationally recognized overnight courier, to the addresses set forth below. Such notices shall be deemed effective
upon receipt (or, if sent by e-mail, upon sending with no rejection thereof). Any address or name specified below may be changed by notice
given to the addressee by the other party in accordance with this Section 5. Anything to the contrary notwithstanding, if notice
cannot be delivered because of a changed address of which no notice was given as provided, above, or because of rejection or refusal to
accept any notice, then receipt of such notice shall be deemed to be as of the date of inability to deliver or rejection or refusal to
accept. Any notice to be given by any party may be given by the counsel for such party.

 

	 	Notice Address of Buyer:
	 	 
	 	HFAKOH001 LLC
	 	c/o Oak Street Real Estate Capital, LLC 

30 N. LaSalle St., Suite 4140
	 	Chicago, IL 60602
	 	Attn: Asset Management
	 	Email: oakstreetAM@blueowl.com
	 	 
	 	With a copy to:
	 	 
	 	Kirkland & Ellis LLP 300 North LaSalle
	 	Chicago, Illinois 60654
	 	Attn: David A. Rosenberg, P.C. and David P. Stanek
	 	Email: david.rosenberg@kirkland.com and david.stanek@kirkland.com
	 	 
	 	Notice Address of Seller and Guarantor:
	 	 
	 	c/o HOF Village Newco, LLC 

2014 Champions Gateway
	 	Canton, OH 44708 

Attn: General Counsel
	 	Email: Tara.charnes@hofvillage.com
	 	 
	 	With a copy to:
	 	 
	 	Walter Haverfield LLP

 1301 East Ninth Street

 Suite 3500

 Cleveland, Ohio 44114-1821

 Attn: Nick Catanzarite 

Email: ncatanzarite@walterhav.com

 

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6.   Binding
on Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns.

 

7.   Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remaining provisions of this Agreement.

 

8.   GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED UNDER AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS, AS OPPOSED TO THE CONFLICT
OF LAWS PROVISIONS, OF THE STATE OF NEW YORK.

 

9.   No
Waiver. The waivers and consents contained in this Agreement are limited to the specifics hereof, shall not apply with respect to
any facts or occurrences other than those on which the same are based, shall not excuse future non-compliance with the Purchase Agreement,
Ground Lease, or any other instruments or agreements relating to the transactions described herein, and, except as expressly set forth
herein, shall not operate as a waiver or an amendment of any right, power or remedy of Seller or Buyer, nor as a consent to any further
or other matter, under the Purchase Agreement, Ground Lease, any other instruments or agreements relating to the transactions described
herein. No waiver, and no modification or amendment of any provision of this Agreement shall be effective unless specifically made in
writing and duly signed by the party purportedly making such waiver.

 

10.   Counterparts.
This Agreement may be delivered by facsimile and executed in one or more counterparts and by different parties in separate counterparts,
each of which when so executed and delivered shall be deemed to be an original, but all of which counterparts taken together shall constitute
but one and the same Agreement.

 

11.   Titles.
Paragraph and subparagraph titles, captions and headings herein are inserted only as a matter of convenience and for reference, and in
no way define, limit, extend or describe the scope of this Agreement or the intent of any provisions hereof.

 

12. Acknowledgment.
Seller and Buyer affirm and acknowledge that this Agreement constitutes a Closing Document (as defined in the Purchase Agreement)
and any reference to the Closing Documents under the Purchase Agreement contained in any notice, request, certificate or other
document executed concurrently with or after the execution and delivery of this Agreement shall be deemed to include this Agreement
unless the context shall otherwise specify.

 

[NO FURTHER TEXT ON PAGE]

 

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IN WITNESS WHEREOF, the parties
have caused this Agreement to be executed by their duly authorized officers as of the date set forth above.

 

	 	SELLER:
	 	 
	 	HOF VILLAGE WATERPARK, LLC, a
	 	Delaware limited liability company
	 	 
	 	By:	 /s/ Michael Crawford
	 	Name: 	Michael Crawford
	 	Title: 	President and Chief Executive Officer

 

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	 	BUYER:
	 	 
	 	HFAKOH00l LLC, a Delaware limited liability company
	 	 
	 	By: 	/s/ Michael Reiter
	 	Name:  	Michael Reiter
	 	Title: 	Authorized Officer

 

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	 	GUARANTOR:
	 	 
	 	HOF VILLAGE NEWCO, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	/s/ Michael Crawford
	 	Name: 	 Michael Crawford
	 	Title: 	President and Chief Executive Officer

 

 

 

8Exhibit 10.6

 

PURCHASE OPTION AGREEMENT

 

This PURCHASE OPTION
AGREEMENT (this “Agreement”) is made as of November 7, 2022 (the “Effective Date”), by and among
HFAKOH001 LLC, a Delaware limited liability company (“Landlord”), and HOF VILLAGE WATERPARK, LLC, a Delaware
limited liability company (“Tenant”).

 

RECITALS

 

WHEREAS, Landlord
and Tenant have entered into that certain Lease Agreement dated as of the date hereof (the “Ground Lease”), relating
to that certain real property described in Exhibit A attached hereto and made a part hereof (the “Property”);

 

WHEREAS, Landlord
desires to give Tenant the right to purchase Landlord’s right, title, and interest in the Property, if any, pursuant to the terms
and conditions hereof.

 

NOW THEREFORE, for
and in consideration of the mutual promises set forth herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

 

 1. Purchase Option.

 

(a) Grant
of Purchase Option. Landlord hereby grants Tenant the option to purchase Landlord’s right, title, and interest, if any, in the
Property (the “Purchase Option”), subject to and in accordance with the terms and conditions of this Agreement.

 

(b) Term
of Purchase Option. Tenant may only exercise the Purchase Option by providing written notice to Landlord during the period beginning
on December 1, 2027 and ending on November 30, 2034 (the “Option Period”), which written notice shall state that Tenant
irrevocably exercises its right to purchase the Property in accordance with the terms of this Agreement (such notice, the “Exercise
Notice”); provided, however, that if any monetary Event of Default (as described in Section 23(i) of the Ground Lease) is continuing,
Tenant shall not have the right to exercise the Purchase Option or issue any Exercise Notice, and any Exercise Notice issued by Tenant
during the continuance of such monetary Event of Default shall be ineffective, null, and void. Tenant’s failure to deliver to Landlord
an Exercise Notice during the Option Period shall result in an automatic termination of the Purchase Option without the need of any documentation
thereof, but Tenant shall promptly execute and deliver any documents reasonably requested by Landlord to further evidence such termination.

 

(c) Option
Closing. The closing of the conveyance of the Property to Tenant pursuant to Tenant’s exercise of the Purchase Option (the “Option
Closing”) shall occur on the date that is thirty (30) days after Landlord’s receipt of a validly-issued Exercise Notice,
or such earlier date as Landlord and Tenant may mutually agree (such date, the “Option Closing Date”). The Closing
shall be conducted through a customary, New York style escrow arrangement between the parties and a nationally-recognized title insurance
company selected by Landlord and reasonably approved by Tenant (the “Escrow Agent”), or such other place or manner
as the parties hereto may mutually agree.

 

     

     

    

 

(d) Purchase
Price. The purchase price for the Property (the “Purchase Price”) shall be an amount equal to the result of the
following formula: the then-current annual Base Rent under the Ground Lease divided by 0.075. The Purchase Price, as adjusted by the prorations
and credits set forth in Section 1(e) below, shall be paid by Tenant to Landlord by wire transfer of immediately available funds
on the Option Closing Date.

 

 (e) Prorations; Closing Costs.

 

(i) As
all items of income and expense are the responsibility of Tenant under the Ground Lease, and there shall be no prorations of taxes, assessments,
utilities, or other expenses; provided, however, that Tenant shall receive a credit against the Purchase Price for any prepaid rents under
the Ground Lease that are attributable to the period after the Option Closing Date.

 

(ii) At
the Option Closing, Landlord shall pay: (1) one half of any customary escrow fees, (2) the recording costs for the removal of any mortgages,
assignments of leases and rents, and financing statements arising through Landlord, and (3) Landlord’s attorneys’ fees. At
the Option Closing, Tenant shall pay all other amounts necessary for the consummation of the Option Closing, including, without limitation
(1) one half of any customary escrow fees, (2) the recording costs of any liens or encumbrances other than as described above, (3) Tenant’s
attorneys’ fees, (4) all state, county, local, and municipal transfer taxes payable in connection with the conveyance of the Property
at the Option Closing, (5) all fees and other amounts charged by any state, county, local, or municipal agency in connection with any
requirements related to the recording of the Deed (as hereinafter defined) or the consummation of the transfer of the Property at the
Option Closing, and (6) any surveys, title policies, or other due diligence reports or other deliverables undertaken by Tenant.

 

 (f) Option Closing Documents.

 

(i) At
the Option Closing, Landlord shall deliver to Tenant the following documents, executed and notarized as applicable:

 

(1) one
(1) original deed in the form attached hereto as Exhibit B, from the Landlord to Tenant conveying the Property to Tenant, subject
to all matters of record (the “Deed”);

 

(2) one
(1) original termination of lease and memorandum of lease in the form attached hereto as Exhibit C (the “Lease Termination”);

 

(3) one
(1) copy of an assignment of intangible property in the form attached hereto as Exhibit D (the “Assignment of Intangible
Property”);

 

(4) one (1)
copy of a settlement statement setting forth the Purchase Price, all prorations and other adjustments to be made pursuant to the terms hereof, and the funds required for the Option Closing
as contemplated hereunder (the “Settlement Statement”);

 

    2

     

    

 

(5) all
transfer tax statements, declarations, residency certifications, filings, and notices as may be necessary or appropriate for purposes
of recordation of the Deed; and

 

(6) an
owner’s affidavit in a customary and reasonable form provided by Landlord.

 

(ii) At
the Option Closing, Tenant shall deliver to Landlord the following, executed and notarized as applicable:

 

(1) the
Purchase Price, as adjusted by the prorations and credits set forth in Section 1(e) above;

 

 (2) one (1) original of the Lease Termination;

 

 (3) one (1) copy of the Assignment of Intangible Property;

 

 (4) one (1) copy of the Settlement Statement; and

 

(5) all
transfer tax statements, declarations, residency certifications, filings, and notices as may be necessary or appropriate for purposes
of recordation of the Deed.

 

(g) Conditions
to Landlord’s Obligations. The obligation of Landlord to consummate the Option Closing shall be subject to the condition precedent
of Tenant delivering all of the items required to be delivered by Tenant under Section 1(f)(ii) above and otherwise complying with
the terms of this Agreement. If any condition set forth in this Section 1(g) is not satisfied as of the Option Closing Date (or
waived in writing by Landlord), then Landlord may, at its option, terminate this Agreement, and the Purchase Option shall automatically
terminate and be of no further force or effect, but Tenant shall promptly execute and deliver any documents reasonably requested by Landlord
to further evidence such termination.

 

(h) Conditions
to Tenant’s Obligations. The obligation of Tenant to consummate the Option Closing shall be subject to the condition precedent
of Landlord delivering all of the items required to be delivered by Landlord under Section 1(f)(i) above and otherwise complying
with the terms of this Agreement. If any condition set forth in this Section 1(h) is not satisfied as of the Option Closing Date
(or waived in writing by Tenant), then Tenant may, at its option and as its sole and exclusive remedy, pursue the remedy of specific performance.

 

(i) Title
Insurance. Tenant may, at its sole cost and expense, pursue a title insurance policy for the conveyance of the Property pursuant to
this Agreement, but such title insurance policy shall not be a condition or requirement
for the Option Closing and shall in no event delay the Option Closing Date.

 

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(j) As-is.
TENANT ACKNOWLEDGES AND AGREES THAT, EXCEPT FOR THOSE MATTERS EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER LANDLORD, NOR ANY AGENT OR
REPRESENTATIVE OF LANDLORD HAS MADE, AND LANDLORD IS NOT LIABLE OR RESPONSIBLE FOR OR BOUND IN ANY MANNER BY, ANY EXPRESS OR IMPLIED REPRESENTATIONS,
WARRANTIES, COVENANTS, AGREEMENTS, OBLIGATIONS, GUARANTEES, STATEMENTS, INFORMATION OR INDUCEMENTS PERTAINING TO THE PROPERTY OR ANY PART
THEREOF, TITLE TO THE PROPERTY, THE PHYSICAL CONDITION THEREOF, THE FITNESS AND QUALITY THEREOF, THE VALUE AND PROFITABILITY THEREOF,
OR ANY OTHER MATTER OR THING WHATSOEVER WITH RESPECT THERETO. TENANT ACKNOWLEDGES, AGREES, REPRESENTS AND WARRANTS THAT, AS OF THE OPTION
CLOSING DATE, IT WILL HAVE HAD SUCH ACCESS TO THE PROPERTY AND SUCH OTHER MATTERS AND TO INFORMATION AND DATA RELATING TO ALL OF SAME
AS TENANT HAS CONSIDERED NECESSARY, PRUDENT, APPROPRIATE OR DESIRABLE FOR THE PURPOSES OF THIS TRANSACTION AND, WITHOUT LIMITING THE FOREGOING,
THAT TENANT AND ITS AGENTS AND REPRESENTATIVES WILL HAVE INDEPENDENTLY INSPECTED, EXAMINED, INVESTIGATED, ANALYZED AND APPRAISED ALL OF
SAME. WITHOUT LIMITING THE FOREGOING, TENANT ACKNOWLEDGES AND AGREES THAT, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER LANDLORD
NOR ANY SHAREHOLDER, MEMBER, DIRECTOR, OFFICER, EMPLOYEE, AGENT OR REPRESENTATIVE OF LANDLORD IS LIABLE OR RESPONSIBLE FOR OR BOUND IN
ANY MANNER BY (AND TENANT HAS NOT RELIED UPON) ANY VERBAL OR WRITTEN OR SUPPLIED REPRESENTATIONS, WARRANTIES, COVENANTS, AGREEMENTS, OBLIGATIONS,
GUARANTEES, STATEMENTS, INFORMATION OR INDUCEMENTS PERTAINING TO THE PROPERTY OR ANY PART THEREOF, AND ANY OTHER INFORMATION RESPECTING
SAME FURNISHED BY OR OBTAINED FROM LANDLORD OR ANY AGENT OR REPRESENTATIVE OF LANDLORD. TENANT ACKNOWLEDGES AND AGREES THAT, EXCEPT AS
OTHERWISE PROVIDED IN THIS AGREEMENT, TENANT IS PURCHASING THE PROPERTY IN ITS “AS IS”, “WHERE IS”, “WITH
ALL FAULTS” CONDITION.

 

2. Broker’s
Commission. Each party hereto represents and warrants to the other that it has not engaged the services of or had contacts with any
licensed real estate broker or finder in connection with the Purchase Option in a manner sufficient to provide any such real estate broker
or finder with a basis for claiming to be the procuring cause of the transactions contemplated by this Agreement, and each party shall
indemnify, defend and hold the other harmless of and from any obligation to pay a commission or finder’s fee to any such broker
or finder based upon contacts between any such person and the indemnifying party, together with any other costs or expenses, including
reasonable attorneys’ fees, incurred by the indemnified party in connection with such claim. This Section 2 shall survive the Option Closing
and delivery of the Deed hereunder, or any earlier termination of this Agreement.

 

    4

     

    

 

3. Personal to
Original Tenant; Successors and Assigns. Notwithstanding anything set forth in this Agreement to the contrary, the Purchase Option
shall be personal to the originally- named Tenant herein and may only be exercised by the originally-named Tenant herein, and may not
be exercised by any other assignee, sublessee, licensee or other transferee under a Transfer (as defined in the Ground Lease) of the
originally-named Tenant’s interest in this Ground Lease. Tenant shall not assign or otherwise Transfer this Agreement without the
prior written consent of Landlord, which may be given or withheld in Landlord’s sole discretion. Subject to the foregoing, the
terms, covenants and conditions herein contained shall be binding upon and inure to the benefit of the successors and assigns of the
parties hereto.

 

4. LLC
Transfer Structure. Landlord shall, at Tenant’s request given at the time of the Exercise Notice, cause title to the Property
to be conveyed to a to-be-formed single-member Ohio limited liability company, with Landlord being the only member of such company (the
“Sale Company”). If so requested, at Closing, Landlord shall transfer to Tenant (i) all of such Landlord’s right,
title and interest in and to the membership units of the Sale Company free and clear of all liens, claims and encumbrances pursuant to
an Assignment of Membership Interest agreement, and (ii) furnish to Tenant a copy of the articles of organization of the Sale Company
and execute and deliver to Tenant the operating agreement reflecting Landlord’s ownership of the Sale Company prior to assignment
of the membership units to Tenant. The content, preparation, and filing of all documents related to the organization and formation of
the Sale Company shall be in and form and manner mutually agreeable to both Landlord and Tenant.

 

5. Failure
to Close. In the event that Tenant delivers an Exercise Notice, but thereafter fails to consummate the Option Closing in accordance
with the terms and conditions of this Agreement, then Tenant shall, within ten (10) days of such failure, reimburse Landlord for Landlord’s
actual, out-of-pocket costs incurred in preparing for the Option Closing.

 

6. Notices.
All notices and other communications which may be or are required to be given or made by any party to the other in connection herewith
shall be in writing and shall be deemed to have been properly given on the date: (i) delivered in person; (ii) deposited in the United
States mail, registered or certified, return receipt requested; (iii) delivery via electronic mail to the addresses set forth below; or
(iv) deposited with a nationally recognized overnight courier, to the addresses set forth below:

 

If to Landlord:

 

HFAKOH001 LLC

c/o Oak Street Real Estate Capital, LLC

30 N. LaSalle St.,
Suite 4140

Chicago, IL 60602

Attn: Asset Management

Email: oakstreetAM@blueowl.com

 

With a copy to:

 

Kirkland & Ellis LLP

300 North LaSalle

Chicago, Illinois 60654

Attn: David A. Rosenberg, P.C. and David P. Stanek

Email:
david.rosenberg@kirkland.com and

david.stanek@kirkland.com

 

    5

     

    

 

If to Tenant:

 

HOF Village Waterpark, LLC

2014 Champions Gateway

Canton, OH 44708

Attn: General Counsel

Email: Tara.charnes@hofvillage.com

 

With a copy to:

 

Walter Haverfield LLP

1301 East Ninth
Street

Suite 3500

Cleveland, Ohio 44114-1821

Attn: Nick Catanzarite

Email: ncatanzarite@walterhav.com

 

Such notices shall be deemed effective
upon receipt. Any address or name specified above may be changed by notice given to the addressee by the other party in accordance with
this Section 6. Anything to the contrary notwithstanding, if notice cannot be delivered because of a changed address of which no
notice was given as provided, above, or because of rejection or refusal to accept any notice, then receipt of such notice shall be deemed
to be as of the date of inability to deliver or rejection or refusal to accept. Any notice to be given by any party may be given by the
counsel for such party.

 

7. Time
of Essence. Time is of the essence with respect to the provisions of this Agreement. In the event that any deadline set forth in this
Agreement occurs on a day which is a Saturday, Sunday or legal holiday in the State of Ohio, then such deadline shall be extended to the
next day which is not a Saturday, Sunday or legal holiday in the State of Ohio.

 

8. No
Recording; Confidential. Neither party hereto shall record this Agreement or any memorandum or memorialization hereof with any governmental
entity, and shall otherwise keep this Agreement and the terms hereof strictly confidential; provided, however, that each party hereto
may disclose the terms of this Agreement to (i) its employees, consultants, agents, existing and prospective investors, existing and prospective
lenders, accountants, attorneys, and other advisors on a “need to know” basis, provided that the disclosing party shall advise
such recipients to keep the disclosed information strictly confidential and use commercially reasonable efforts to cause such recipients
to keep such information strictly confidential, (ii) as may be required by applicable law, and (iii) in connection with any legal proceedings
where the terms of this Agreement are required to be disclosed, but only to the extent required, by court order or lawful subpoena or pursuant to applicable law,
regulation, or self-regulatory organization rules. The provisions of this Section 8 shall survive the Option Closing and delivery
of the Deed, or any earlier termination of this Agreement.

 

    6

     

    

 

9. Prevailing
Parties. In any action between Landlord and Tenant as a result of failure to perform or a default under this Agreement, the prevailing
party shall be entitled to recover from the other party, and the other party shall pay to the prevailing party, the prevailing party’s
reasonable attorneys’ fees and disbursements and court costs incurred in such action.

 

10. Waiver
of Trial by Jury. THE RESPECTIVE PARTIES HERETO SHALL AND HEREBY DO WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER ON ANY MATTERS WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT,
OR FOR THE ENFORCEMENT OF ANY REMEDY GRANTED IN THIS AGREEMENT. THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY MADE BY LANDLORD AND
TENANT, EACH OF WHOM HEREBY ACKNOWLEDGES THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY INDIVIDUAL TO INDUCE THIS WAIVER
OF TRIAL BY JURY OR TO IN ANY WAY MODIFY OR NULLIFY ITS EFFECT. LANDLORD AND TENANT EACH FURTHER REPRESENT THAT IT HAS BEEN REPRESENTED
IN THE SIGNING OF THIS AGREEMENT IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, SELECTED OF ITS OWN FREE WILL, AND THAT IT
HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL.

 

11. Entire
Agreement; Modifications. This Agreement contains the entire understanding of the parties hereto with respect to the subject matter
hereof, and no prior or other written or oral agreement or undertaking pertaining to any such matter shall be effective for any Purpose.
This Agreement may not be amended or modified, nor may any obligation hereunder be waived, orally, and no amendment, modification or waiver
shall be effective for any purpose unless it is in writing and signed by the party against whom enforcement thereof is sought.

 

12. Counterparts.
This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become
a binding agreement when one or more counterparts have been signed by each of the parties and delivered to the other party. Signatures
on this Agreement which are transmitted by electronically shall be valid for all purposes.

 

13. No
Joint Venture. Nothing set forth in this Agreement shall be construed to create a joint venture between Landlord and Tenant.

 

14. Exculpation.
Notwithstanding anything to the contrary in this Agreement, no present or future direct or indirect principal, trustee, officer, director,
shareholder, employee, agent, manager, member or partner of Landlord or Tenant or their respective affiliates shall have any personal
liability, directly or indirectly, with respect to any of the obligations contained in this Agreement, and each party hereto, on its own
behalf and on behalf of its successors and assigns and any other party claiming through such party, hereby waives any such personal liability
against such parties. The provisions of this Section 14 shall
survive the Closing and delivery of the Deed, or any earlier termination of this Agreement.

 

15. Applicable
Law. This Agreement shall be construed and interpreted in accordance with the laws of the State of Ohio.

 

[SIGNATURE PAGES FOLLOW]

 

    7

     

    

 

IN WITNESS WHEREOF, the parties hereto
have executed this Agreement as of the Effective Date.

 

	 	TENANT:
	 	 
	 	HOF VILLAGE WATERPARK, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By: 	/s/ Michael Crawford
	 	Name: 	Michael Crawford
	 	Title: 	President and Chief Executive Officer

 

    8

     

    

 

	 	LANDLORD:
	 	 
	 	HFAKOH00l LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By: 	/s/ Michael Reiter
	 	Name: 	Michael Reiter
	 	Title: 	Authorized Officer

 

    9

     

    

 

EXHIBIT A

 

Legal Description

 

Situated in the City of Canton, Stark County, State of Ohio,
being all of O.L. 1469 on that certain HOF Village Replat recorded in the Office of the Recorder of Stark County as Instrument Number
202203250013418, containing 4.9282 acres, more or less.

 

APN: 10014331

 

    10

     

    

 

EXHIBIT B

 

Deed

 

LIMITED WARRANTY DEED

 

KNOW ALL MEN BY THESE PRESENTS: That
HFAKOH001, LLC, a Delaware limited liability company, whose mailing address is 30 North LaSalle Street, Suite 4140, Chicago, IL 60602,
Attn: Asset Management (“Grantor”), for valuable consideration paid, grants, with limited warranty covenants,
to [                ], a Delaware limited liability
company (“Grantee”), whose tax- mailing address is [                  ], certain real property located in the County
of Stark, and State of Ohio, being more particularly described on Exhibit A attached hereto and made a part hereof (the “Property”),
together with all rights and appurtenances pertaining thereto, including any and all rights of Grantor in and to all oil, gas and other
minerals, air and development rights, roads, alleys, easements, streets and ways adjacent to the Property, rights of ingress and egress
thereto, any strips and gores within or bounding the Property and in profits or rights or appurtenances pertaining to the Property, and
together with the buildings and all other improvements, structures and fixtures placed, constructed or installed on the Property.

 

The Property is conveyed subject to, and
there are hereby excepted from the limited warranty covenants of Grantor, all matters of record.

 

Prior Instrument Reference: File No.
[                 ] of the Stark County,
Ohio Records.

 

[Signature and Acknowledgment Page Follows]

 

    11

     

    

 

EXECUTED as of this       
day of                       ,
20     .

 

	 	HFAKOH001, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	                  
	 	Name:	 
	 	Title:	 

 

	STATE OF	)
	 	) SS:
	COUNTY OF	)

 

The foregoing instrument
was acknowledged before me this      day of                          ,
20     by                                 ,
the                                       of HFAKOH001, LLC, a Delaware limited liability company, on behalf of the company.

 

	 	 	 
	 	 	 
	 	 	Notary Public
	 	 	 
	My Commission Expires:	 	Print Name of Notary
	 	 	 
	 	 	 

 

This Instrument Prepared by:

Kirkland & Ellis LLP

300 North LaSalle Street

Chicago, Illinois 60654

Attn: David A. Rosenberg, P.C.

 

    12

     

    

 

Exhibit A

 

Legal Description

 

Situated in the City of Canton, Stark
County, State of Ohio, being all of O.L. 1469 on that certain HOF Village Replat recorded in the Office of the Recorder of Stark County
as Instrument Number 202203250013418, containing 4.9282 acres, more or less.

 

APN: 10014331

 

    13

     

    

 

EXHIBIT C

 

Termination of Lease and Memorandum
of Lease

 

THIS INSTRUMENT PREPARED BY,

AND RECORD AND RETURN TO:

 

Kirkland & Ellis LLP

300 North LaSalle

Chicago, IL 60654

ATTN: David A. Rosenberg, P.C.

 

TERMINATION OF LEASE AND MEMORANDUM
OF LEASE

 

	 	Grantor:	HFAKOH001 LLC, a Delaware limited liability company (Landlord)
	 	 	 
	 	Grantee:	HOF Village Waterpark, LLC (Tenant) 
	 	 	 
	 	Legal Description:	See legal description on Exhibit A
	 	 	 
	 	Assessor’s Tax Parcel No.	10014331

 

THIS TERMINATION
OF LEASE AND MEMORANDUM OF LEASE (this “Memorandum”) is made as of this          
day of        , 20     , by and between HFAKOH001 LLC,
a Delaware limited liability company (“Landlord”), and HOF VILLAGE WATERPARK, LLC, a Delaware limited liability company
(“Tenant”).

 

WHEREAS, Landlord
is the owner of that certain real property described in Exhibit A attached hereto and made a part hereof (the “Property”).

 

WHEREAS, Tenant leases
the Property from Landlord pursuant to that certain Lease Agreement dated as of November 7, 2022 (as amended, supplemented or otherwise
modified from time to time, the “Lease”), a memorandum of which was recorded on [] as Instrument No. []
with the Recorder’s Office of Stark County, Ohio (as amended, supplemented or otherwise modified from time to time, the “Memorandum
of Lease”).

 

WHEREAS, Landlord
and Tenant desire to terminate the Lease on the terms and conditions in this Agreement.

 

    14

     

    

 

NOW, THEREFORE, in
consideration of the premises and the agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, Landlord and Tenant agree as follows:

 

1. Termination
of Lease. Landlord and Tenant unconditionally and irrevocably (except as set forth herein) agree that, as of the Effective Date:

 

(a) the
Lease and the Memorandum of Lease shall terminate and be of no further force or effect; and

 

(b) each
of Landlord and Tenant will have no further obligations, duties or liabilities under the Lease, except such obligations that expressly
survive the termination of the Lease.

 

2. Entire
Agreement. This Agreement contains all of the agreements of the parties hereto with respect to the subject matter hereof and no
prior agreement, understanding, or representation pertaining to any such matter shall be effective for any purpose. No provision of this
Agreement may be amended except by an express agreement in writing signed by the parties hereto.

 

3. Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall constitute an original, but all of which shall constitute
one document.

 

4. Successor
and Assigns. This Agreement will be binding upon Landlord, Tenant and their successors and assigns.

 

5. Governing
Law. This Agreement will be governed by and construed in accordance with the laws of the State of Ohio, without regard to the
conflicts of laws principles thereof.

 

6. Electronic
Signatures. A signed copy of this Agreement delivered by facsimile, email, or other means of electronic transmission is deemed
to have the same legal effect as delivery of an original signed copy of this Agreement.

 

[Signature Pages Follow]

 

    15

     

    

 

IN WITNESS WHEREOF, Landlord and Tenant
have duly executed this Termination of Lease and Memorandum of Lease as of the day and year first above written.

 

	 	LANDLORD:
	 	 
	 	HFAKOH001 LLC, a Delaware limited liability company
	 	 	 
	 	By:	                 
	 	Name:	 
	 	Title:	 

 

	STATE OF _____________	) 
	COUNTY OF ___________	)

 

I, the undersigned authority, a Notary Public in and for
said County in said State, hereby certify that , whose name as  of HFAKOH001 LLC, a Delaware limited liability
company, is signed to the foregoing instrument, and who is known to me, acknowledged before me on this day that, being informed of
the contents of said instrument, he, as such [officer] and with full authority, executed the same voluntarily for and as the act of
said limited liability company, acting in its capacity as  of said limited liability company as aforesaid.

 

Given under my hand and official seal, this          
day of                    ,
20    .

 

	 	 
	 	Notary Public

 

AFFIX SEAL

 

My commission expires:                                                                   

 

    16

     

    

 

IN WITNESS WHEREOF, Landlord and Tenant
have duly executed this Memorandum of Lease Agreement as of the day and year first above written.

 

	 	TENANT:
	 	 
	 	HOF VILLAGE WATERPARK, LLC, a Delaware limited liability company
	 	 	 
	 	By:	                 
	 	Name:	 
	 	Title:	 

 

	STATE OF _____________	) 
	COUNTY OF ___________	)

 

I, the
undersigned authority, a Notary Public in and for said County in said State, hereby certify that , whose name as 
of HOF VILLAGE WATERPARK, LLC, a Delaware limited liability company, is signed to the foregoing instrument, and who is known to me,
acknowledged before me on this day that, being informed of the contents of said instrument, he, as such  and with full
authority, executed the same voluntarily for and as the act of said limited liability company, acting in its capacity as of said
limited liability company as aforesaid.

 

Given under my hand and official seal, this          
day of                    ,
20    .

 

	 	 
	 	Notary Public

 

AFFIX SEAL

 

My commission expires:                                                                   

 

    17

     

    

 

EXHIBIT A

 

Legal Description of Premises

 

Situated in the City of Canton, Stark
County, State of Ohio, being all of O.L. 1469 on that certain HOF Village Replat recorded in the Office of the Recorder of Stark County
as Instrument Number 202203250013418, containing 4.9282 acres, more or less.

 

APN: 10014331

 

    18

     

    

 

EXHIBIT D

 

Assignment
of Intangible Property

 

ASSIGNMENT OF INTANGIBLE PROPERTY

 

THIS ASSIGNMENT
OF INTANGIBLE PROPERTY (this “Assignment”) is made as of                             ,
20     (the “Effective Date”) by and between HFAKOH001 LLC, a Delaware limited
liability company (“Assignor”), and HOF VILLAGE WATERPARK, LLC, a Delaware limited liability company
(“Assignee”).

 

WITNESSETH:

 

WHEREAS, pursuant
to that certain Purchase Option Agreement dated as of November 7, 2022 (the “Purchase Agreement”) by and between
Assignor, as seller, and Assignee, as buyer, Assignor granted Assignee an option to purchase the Property (as hereinafter defined) upon
the terms and conditions set forth therein;

 

WHEREAS,
Assignee has elected to exercise such option, and accordingly Assignor shall convey to Assignee, and Assignee has agreed to accept
from Assignor, all of Assignor’s right, title and interest in and to the real property, and (i) all structures and
improvements owned by Seller and located on such land, (ii) any and all right, title and interest of Seller in and to all
privileges, rights, options, easements, hereditaments, entitlements and appurtenances thereto belonging, and (iii) any and all
right, title and interest of Seller in and to any streets, alleys, passages and other rights-of-way included therein or adjacent
thereto (before or after any vacation thereof), owned by Assignor and commonly known by the address of 2301 George Halas Drive NW,
Canton, Ohio 44178 (the “Property”); and

 

WHEREAS, pursuant
to the terms of the Purchase Agreement, Assignor is required to execute and deliver this Assignment in order to facilitate the assignment
of all right, title and interest of Seller, to all intangible property and assets relating to the Property, including, without limitation,
all licenses, permits, entitlements, bonds, development rights, approvals, authorizations, certificates of occupancy, utility agreements,
plans, specifications, site plans, surveys, schematics, indemnities, warranties, and guaranties (individually or collectively, as the
context may require, the “Intangible Property”); and

 

WHEREAS, simultaneously
with the execution and delivery of this Assignment, the transactions contemplated by the Purchase Agreement with respect to the Property
are being consummated by Assignor and Assignee.

 

NOW, THEREFORE, in
consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration paid by Assignee to Assignor, the mutual receipt
and legal sufficiency of which are hereby acknowledged, the parties hereto for themselves, their legal representatives, successors and
assigns, hereby agree as follows:

 

All capitalized terms
used and not defined herein shall have the meanings ascribed to them in the Purchase Agreement.

 

    19

     

    

 

Effective as of the
Effective Date, Assignor hereby assigns and transfers unto Assignee, its successors and assigns, forever, all of its right, title and
interest in, to and under the Intangible Property.

 

Assignee hereby assumes
the obligations of Assignor in respect of such Intangible Property to the extent arising from events occurring from and after the Effective
Date.

 

Assignor shall defend,
protect, indemnify, and hold harmless Assignee and its partners, beneficial owners, affiliates, officers, agents, employees, representatives
or other constituent entities of Assignee from and against any and all loss, cost, liability, expense, claim, action, damages, and fines
(including those arising from the loss of life, personal injury and/or property damage), including reasonable attorneys’ fees, directly
or indirectly arising from or out of any failure by Assignor, on or before the Effective Date, to have performed Assignor’s obligations
in respect of such Intangible Property.

 

Except as may be set
forth in the Purchase Agreement, this Assignment is made without representation, warranty, guarantee, or other assurance or covenant of
any kind by Assignor, and without recourse with respect to Assignor or with respect to any of the partners, beneficial owners, officers,
agents, employees, representatives, affiliates, or other constituent entities of Assignor.

 

[SIGNATURE PAGE FOLLOWS]

 

    20

     

    

 

	 	ASSIGNOR:
	 	 
	 	HFAKOH001 LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	                            
	 	Name:	 
	 	Title:	 
	 	 	 
	 	ASSIGNEE:
	 	 
	 	HOF VILLAGE WATERPARK, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

21

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