Document:

Exhibit 10.16

 

Execution Version

 

 

 

AMENDMENT NUMBER 7 TO TERM LOAN AGREEMENT

  

Dated as of November 16, 2019

  

among

  

HOF VILLAGE, LLC; HOF VILLAGE YOUTH FIELDS,
LLC; HOF VILLAGE PARKING, LLC; HOF VILLAGE STADIUM, LLC AND THE OTHER PERSONS SIGNATORY HERETO AS BORROWERS

  

and

 

THE LENDERS PARTY HERETO,

 

and

  

GACP FINANCE CO., LLC, as Administrative
Agent

 

 

 

     

     

    

 

AMENDMENT
NUMBER 7 TO TERM LOAN AGREEMENT

  

This AMENDMENT NUMBER
7 TO TERM LOAN AGREEMENT (this “Amendment Number 7”) dated as of November 16, 2019 is made by and among: (i)
HOF VILLAGE, LLC, a Delaware limited liability company (the “Lead Borrower”); HOF VILLAGE YOUTH FIELDS, LLC,
a Delaware limited liability company; HOF VILLAGE PARKING, LLC, a Delaware limited liability company; HOF VILLAGE STADIUM, LLC,
a Delaware limited liability company; HOF VILLAGE LAND, LLC, a Delaware limited liability company; HOF VILLAGE HOTEL I, LLC, a
Delaware limited liability company; HOF VILLAGE SPORTS BUSINESS, LLC, a Delaware limited liability company; HOF VILLAGE PARKING
MANAGEMENT I, LLC, a Delaware limited liability company; HOF VILLAGE RESIDENCES I, LLC, a Delaware limited liability company; HOF
VILLAGE CENTER FOR EXCELLENCE, LLC, a Delaware limited liability company; HOF VILLAGE CENTER FOR PERFORMANCE, LLC, a Delaware limited
liability company; HOF EXPERIENCE, LLC, a Delaware limited liability company; HOF VILLAGE MEDIA GROUP, LLC, a Delaware limited
liability company; and the other Persons signatory hereto as “Borrowers” (collectively, the “Borrowers”,
and each individually, a “Borrower”); (ii) the Lenders party hereto; and (iii) GACP FINANCE CO., LLC, as administrative
agent (in such capacity, the “Administrative Agent”).

  

PRELIMINARY STATEMENTS:

 

(1) The Borrowers,
the Lenders party thereto from time to time, the Administrative Agent, and the other parties named therein are parties to the Term
Loan Agreement, dated as of March 20, 2018 (as amended by (i) that certain Delayed Draw Joinder Agreement Number 1, dated as of
April 11, 2018, (ii) that certain Delayed Draw Joinder Agreement Number 2, dated as of May 18, 2018, (iii) that certain Amendment
Number 3 to Term Loan Agreement, dated as of September 14, 2018, (iv) that certain Amendment Number 4 to Term Loan Agreement, dated
as of February 19, 2019, (v) that certain Amendment Number 5 to Term Loan Agreement, dated as of June 28, 2019, (vi) that certain
Amendment Number 6 to Term Loan Agreement, dated as of August 15, 2019, and (vii) as further amended, restated, supplemented, waived
or otherwise modified from time to time, the “Loan Agreement”; capitalized terms used but not otherwise defined
herein shall have the meanings ascribed to such terms in the Loan Agreement, as amended hereby).

  

(2) The Administrative
Agent, the Borrowers, and the Lenders desire to amend the Loan Agreement as set forth below, such amendment, except as set forth
herein, to become effective on the Amendment Number 7 Effective Date (as defined in Section 4 of this Amendment Number 7).

  

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

  

    1

     

    

 

SECTION 1. Acknowledgments:

  

(a) Each
Borrower hereby acknowledges and agrees that, as of the date hereof, (i) the outstanding principal amount of all Loans (exclusive
of interest, costs, fees and other expenses payable by the Borrowers to the Administrative Agent and the other Secured Parties
under the Loan Agreement and the other Loan Documents) is $65,000,000, (ii) accrued and unpaid interest (as of October 31,
2019) on the Tranche 1 Loan is $4,320,726.51, (iii) accrued and unpaid interest (as of October 31, 2019) on the Tranche 2 Loan
is $1,080,389.62, (iv) accrued and unpaid interest (as of October 31, 2019) on the Tranche 3 Loan is $1,620,601.45, and (v) none
of the foregoing amounts are subject to any offset, counterclaim or defense by any of the Borrowers.

  

(b) True
and correct copies of the December 24, 2018 Convertible Subordinated Notes are annexed hereto as Exhibit B. A true and correct
copy of the Letter of Representations is annexed hereto as Exhibit C. True and correct copies of the M. Klein and Company,
LLC Convertible Subordinated Notes are annexed hereto as Exhibit D. True and correct copies of the “Convertible Subordinated
Notes” (other than the December 24, 2018 Convertible Subordinated Notes and the M. Klein and Company, LLC Convertible Subordinated
Notes) that are listed on Schedule 3.06(b) of the Gordon Pointe Merger Agreement are annexed hereto as Exhibit E.

  

SECTION 2. Amendments.
The Loan Agreement is, effective as of the Amendment Number 7 Effective Date, hereby amended to delete the stricken text (indicated
textually in the same manner as the following example: stricken—text) and to add the double-underlined text
(indicated textually in the same manner as the following example: double-underlined
text) as set forth in the pages of the Loan Agreement attached as Exhibit A hereto.

  

SECTION 3. Notice
to IRGMH of Event of Default. Administrative Agent and Lenders agree to furnish to IRGMH written notice of any Event of Default
under the Loan Documents at the same time as notice of such Event of Default is furnished to Borrowers; provided that any
failure by Administrative Agent or Lenders to furnish such notice to IRGMH shall not invalidate or otherwise affect any notice
of an Event of Default sent by Administrative Agent or by Lenders to Borrowers.

  

SECTION 4. Conditions
to Effectiveness. This Amendment Number 7 shall become effective on the date (the “Amendment Number 7 Effective Date”),
when each of the conditions set forth in this Section 4 shall have been satisfied (or waived by the Lenders):

  

(a) the Administrative
Agent shall have received counterparts of this Amendment Number 7, duly executed and delivered on behalf of (i) each Borrower,
(ii) each Lender, and (iii) the Administrative Agent;

  

(b) the IRGMH
Guaranty shall have been duly executed and delivered for the benefit of the Administrative Agent, the Tranche 1 Lender and the
Tranche 2 Lender;

  

(c) the Administrative
Agent and the Lenders shall have received a duly executed amendment to the Mortgage, confirming that the aggregate principal amount
of the Loans as of October 31, 2019 was $75,000,000;

  

    2

     

    

 

(d) the Administrative
Agent shall have received a certificate of a Responsible Officer of Borrower, dated the Amendment Number 7 Effective Date and certifying:

  

(i) that attached
thereto is a true and correct copy of the resolutions of the board of directors or equivalent governing body of each Borrower,
approving this Amendment Number 7 and the transactions contemplated hereby;

  

(ii) that,
as of the Amendment Number 7 Effective Date, subject to the limitations set forth in the Loan Agreement attached hereto as Exhibit
A, (1) each representation and warranty set forth in each Loan Document is true and correct in all material respects with the
same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to
an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on
and as of such earlier date (provided that, if a representation and warranty contains a materiality or Material Adverse
Effect qualification, such representation and warranty is true and correct in all respects), and (2) each Borrower is in compliance
with all the terms and provisions set forth in each Loan Document on its part to be observed or performed, and, immediately after
giving effect to this Amendment Number 7, no Event of Default or Default shall have occurred and be continuing;

  

(iii) that,
as of the Amendment Number 7 Effective Date, the Borrowers are in compliance with the terms and conditions of the Letter of Representations;
and

  

(iv) that,
as of the Amendment Number 7 Effective Date, the Borrowers are in compliance with the terms and conditions of each Ground Lease
(to the extent applicable to the Borrowers) and each Project Lease;

  

(e) as of
the Amendment Number 7 Effective Date, (x) the representations and warranties of Borrowers contained in Article III of the Loan
Agreement shall be true and correct in all material respects on the Amendment Number 7 Effective Date to the same extent as though
made on and as of such date, except to the extent such representations and warranties specifically relate to an earlier date, in
which case they shall have been true and correct in all material respects on and as of such earlier date, and (y) no Default or
Event of Default shall have occurred and be continuing, or would occur immediately after giving effect to the transactions contemplated
by this Amendment Number 7;

  

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

  

(g) the Administrative
Agent and the Lenders shall have received reaffirmation agreements in respect of the Recourse Guaranty, the Mezzanine Subordination
Agreement and the subordination agreements executed by National Football Museum Inc., CH Capital Lending, LLC and M. Klein and
Company, LLC; and

  

(h) the Administrative
Agent and the Lenders shall have received a Mezzanine Loan/Junior Equity Subordination Agreement from Michael Eck in respect of
any Mezzanine Loan/Junior Equity from him and in respect of the M. Klein and Company, LLC Convertible Subordinated Note(s) assigned
to him.

  

    3

     

    

 

SECTION 5. Conditions
Subsequent. On or before 12:00 p.m. (New York City time) on November 27, 2019, the Administrative Agent, Tranche 1 Lender and
Tranche 2 Lender shall have received the following payments in cash (failure to make which shall be an immediate Event of Default
under Section 7.01(b) of the Loan Agreement):

  

(a) the Borrowers
shall have paid to the Tranche 1 Lender, in cash, an amendment fee in an amount equal to $200,000;

  

(b) the Borrowers
shall have paid to the Tranche 2 Lender, in cash, an amendment fee in an amount equal to $50,000;

  

(c) the Borrowers
shall have agreed (and hereby agree) to pay to the Tranche 3 Lender an amendment fee in an amount equal to $75,000 (provided,
however, that such amendment fee shall not be paid to the Tranche 3 Lender until after the Tranche 1/Tranche 2 Full Payment Date);

 

(d) the Borrowers
shall have paid to the Tranche 1 Lender, in cash, all accrued and unpaid interest on the Tranche 1 Loan through the date hereof;

 

(e) the Borrowers
shall have paid to the Tranche 2 Lender, in cash, all accrued and unpaid interest on the Tranche 2 Loan through the date hereof;
and

  

(f) the Borrowers
shall have paid all outstanding fees, costs and expenses of the Administrative Agent and the Lenders in connection with this Amendment
Number 7 and other agreements entered into contemporaneously herewith, including the legal fees and expenses of: (i) Kramer Levin
Naftalis & Frankel LLP and Taft Stettinius & Hollister LLP, attorneys for the Administrative Agent and (ii) Gibson, Dunn
& Crutcher LLP, attorneys for DemoMode Marketing LLC.

  

SECTION 6. Confirmation
of Representations and Warranties.

  

(a) Each
Borrower hereby represents and warrants, on and as of the Amendment Number 7 Effective Date, that the representations and warranties
of Borrowers contained in Article III of the Loan Agreement are true and correct in all material respects on such date to the same
extent as though made on and as of such date, except to the extent such representations and warranties specifically relate to an
earlier date, in which case they were true and correct in all material respects on and as of such earlier date (provided that,
if a representation and warranty contains a materiality or Material Adverse Effect qualification, such representation and warranty
is true and correct in all respects).

  

(b) Each
Loan Party hereby represents and warrants, on and as of the Amendment Number 7 Effective Date, that it has the necessary corporate
power to execute, deliver and perform this Amendment Number 7, and it has duly authorized all corporate or other action required
to be taken by it for the execution, delivery and performance of this Amendment Number 7 and the consummation of the transaction
contemplated hereby.

  

    4

     

    

 

SECTION 7. Consent
and Affirmation. Each Borrower hereby (a) consents to the execution, delivery and performance of this Amendment Number 7 and
agrees that each Loan Document is, and shall continue to be, in full force and effect and is hereby in all respects ratified and
confirmed on the Amendment Number 7 Effective Date, except that, on and after the Amendment Number 7 Effective Date, each reference
to the “Loan Agreement”, “thereunder”, “thereof”, “therein”
or words of like import referring to the Loan Agreement shall mean and be a reference to the Loan Agreement as amended and otherwise
modified by this Amendment Number 7, and (b) confirms that the Loan Documents to which each of the Borrowers is a party and all
of the Collateral described therein do, and shall continue to, secure the payment of all of the Obligations.

  

SECTION 8. Reference
to and Effect on the Loan Documents.

  

(a) On and
after the Amendment Number 7 Effective Date, each reference in the Loan Agreement to “hereunder”, “hereof”
or words of like import referring to the Loan Agreement, and each reference in the other transaction documents to the “Loan
Agreement”, “thereunder”, “thereof” or words of like import referring to the Loan Agreement, shall
mean and be a reference to the Loan Agreement as modified by this Amendment Number 7. From and after the Amendment Number 7 Effective
Date, this Amendment Number 7 shall be a Loan Document under the Loan Agreement.

  

(b) The Loan
Agreement and the other Loan Documents, as specifically amended by this Amendment Number 7, are and shall continue to be in full
force and effect and are hereby in all respects ratified and confirmed, and the respective guarantees, pledges, grants of security
interests and other agreements, as applicable, under each of the Loan Documents, notwithstanding the consummation of the transactions
contemplated hereby, shall continue to be in full force and effect and shall accrue to the benefit of the Administrative Agent
and the Lenders under the Loan Agreement. Without limiting the generality of the foregoing, the Collateral described in the Loan
Documents do and shall continue to secure the payment of all Obligations of the Borrowers under the Loan Documents, in each case,
as amended by this Amendment Number 7.

  

(c) The execution,
delivery and effectiveness of this Amendment Number 7 shall not, except as expressly provided herein, operate as a waiver of any
right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any
provision of any of the Loan Documents.

  

SECTION 9. Execution
in Counterparts; Order of Amendments. This Amendment Number 7 may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken
together shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment
Number 7 by .pdf or other electronic form shall be effective as delivery of a manually executed original counterpart of this Amendment
Number 7.

 

    5

     

    

 

SECTION 10. Amendments;
Headings; Severability. This Amendment Number 7 may not be amended nor may any provision hereof be waived except pursuant to
a writing signed by the Borrowers, the Administrative Agent and the Lenders. The Section headings used herein are for convenience
of reference only, are not part of this Amendment Number 7 and are not to affect the construction of, or to be taken into consideration
in interpreting this Amendment Number 7. Any provision of this Amendment Number 7 held to be invalid, illegal or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability
without affecting the validity, legality and enforceability of the remaining provisions hereof, and the invalidity of a particular
provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor
in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect
of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

  

SECTION 11. Costs
and Expenses.

  

(a) Borrowers
agree to pay on demand all costs and expenses of the Administrative Agent in connection with the preparation, execution, delivery
and administration, modification and amendment of this Amendment Number 7 and the other instruments and documents to be delivered
hereunder (including, without limitation, the reasonable fees and expenses of counsel for the Administrative Agent) in accordance
with the terms of Section 10.05 of the Loan Agreement

  

(b) Borrowers
agree that IRGMH shall have all of the rights of a Lender pursuant to Section 10.05 of the Loan Agreement, but all of such rights
shall be subordinated in right of payment and security to all Obligations owed to the Administrative Agent, the Tranche 1 Lender
and the Tranche 2 Lender and, similar to the Tranche 3 Lender, IRGMH shall not receive any payment until the Tranche 1/Tranche
2 Full Payment Date has occurred. Without limiting the foregoing, (i) Borrowers shall pay to IRGMH all costs, fees, expenses, and
disbursements of IRGMH in connection with the transactions contemplated by this Agreement, the Loan Purchase Agreement, and the
IRGMH Guaranty, as set forth in Section 10.05(a) of the Loan Agreement, and (ii) Borrowers shall indemnify, defend, and hold harmless
IRGMH in connection with the transactions contemplated by this Agreement, the Loan Purchase Agreement, and the IRGMH Guaranty,
as set forth in Section 10.05(b) of the Loan Agreement. Any amounts payable to IRGMH under this Section 11(b) shall accrue
interest, at the rate of interest then in effect with respect to the Tranche 1 Loan, calculated from the date of payment or disbursement
by IRGMH until repaid in full. Notwithstanding the foregoing, any amounts payable to IRGMH under this Section 11(b) shall
not be paid to IRGMH until the Tranche 1/Tranche 2 Full Payment Date has occurred.

  

SECTION 12. Governing
Law; Etc. This Amendment Number 7 shall be governed by, and construed in accordance with, the laws of the State of New York,
and shall be subject to the jurisdictional, service and waiver of jury trial provisions of the Loan Agreement, as if they were
set forth herein.

  

    6

     

    

 

SECTION 13. No Novation.
This Amendment Number 7 shall not extinguish the obligations for the payment of money outstanding under the Loan Agreement or discharge
or release the Lien or priority of any Loan Document or any other security therefor. Nothing herein contained shall be construed
as a substitution or novation of the obligations outstanding under the Loan Agreement or instruments securing the same, which shall
remain in full force and effect, except to any extent modified hereby or by instruments executed concurrently herewith and except
to the extent repaid as provided herein. Nothing implied in this Amendment Number 7 or in any other document contemplated hereby
shall be construed as a release or other discharge of any of the Borrowers under any Loan Document from any of its obligations
and liabilities as a Borrower, guarantor or pledgor under any of the Loan Documents.

  

SECTION 14. Waiver
of Claims. Each Borrower on behalf of itself, its Affiliates and their respective officers, direct and indirect members, directors,
shareholders, employees, agents, insurers, heirs, successors and assigns (collectively, the “Releasing Parties”),
hereby waives, releases, remises and forever discharges the Administrative Agent, the Lenders and each other Secured Party from
any and all claims, suits, actions, investigations, proceedings or demands arising out of or in connection with the Loan Agreement
and any other Loan Document (collectively, “Claims”), whether based in contract, tort, implied or express warranty,
strict liability, criminal or civil statute or common law of any kind or character, known or unknown, which any Releasing Party
ever had, now has or might hereafter have against the Administrative Agent, the Lenders and each other Secured Party which relates,
directly or indirectly, to any acts or omissions of the Administrative Agent, the Lenders and each other Secured Party on or prior
to the Amendment Number 7 Effective Date, in each case, in respect to the Loan Agreement, the other Loan Documents and the transactions
contemplated hereby and thereby.

  

SECTION 15. Advice
of Counsel. The Borrowers acknowledge that they have reviewed this Amendment Number 7 in its entirety, having consulted such
legal, tax or other advisors as they deem appropriate, and understand and agree to each of the provisions of this Amendment Number
7, and further acknowledge that they have entered into this Amendment Number 7 voluntarily.

  

SECTION 16. Rules
of Construction. The parties hereto agree that any rule of construction to the effect that ambiguities are resolved against
the drafting party shall not apply to the interpretation of this Amendment Number 7.

 

SECTION 17. Effect
of this Amendment Number 7. Except as expressly set forth herein, (a) this Amendment Number 7 shall not by implication or otherwise
limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Administrative Agent, the Lenders and
the other Secured Parties, (b) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants
or agreements contained in the Loan Agreement or any other Loan Document. Nothing contained in this Amendment Number 7 shall constitute
or be deemed to constitute a course of dealing or other basis for altering any rights or obligations of Lender under the Loan Documents,
or any obligations of the Borrowers or any other party under the Loan Documents (in each instance, except as expressly set forth
herein), (c) the Administrative Agent, the Lenders and the other Secured Parties have not and are not waiving their rights against
any Person (including the Borrowers), including as a result of any Default or Event of Defaults that exists (notwithstanding the
Borrowers’ representation that no Default or Event of Default exists) and (d) the Administrative Agent, the Lenders and the
other Secured Parties have not and are not waiving their rights and remedies against any Person (including the Borrowers) as a
result of any Default or Event of Default or as a result of any other breach of any Loan Documents or otherwise, including as a
result of any past, present or future event or circumstance.

 

[SIGNATURES
FOLLOW]

 

    7

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment Number 7 to be executed by their respective officers thereunto duly authorized, as
of the date first above written.

  

	 	Borrowers:
	 	 
	 	HOF VILLAGE, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/
	 	 	Name: Michael Crawford
	 	 	Title: Chief Executive Officer
	 	 	 
	 	HOF VILLAGE PARKING, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/
	 	 	Name: Michael Crawford
	 	 	Title: Chief Executive Officer
	 	 	 
	 	HOF VILLAGE YOUTH FIELDS, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/
	 	 	Name: Michael Crawford
	 	 	Title: Chief Executive Officer
	 	 	 
	 	HOF VILLAGE STADIUM, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/
	 	 	Name: Michael Crawford
	 	 	Title: Chief Executive Officer

 

[SIGNATURES CONTINUE ON NEXT PAGE]

 

     

     

    

 

	 	Borrowers, cont.:
	 	 
	 	HOF VILLAGE LAND, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/
	 	 	Name: Michael Crawford
	 	 	Title: Chief Executive Officer
	 	 	 
	 	HOF VILLAGE HOTEL I, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/
	 	 	Name: Michael Crawford
	 	 	Title: Chief Executive Officer
	 	 	 
	 	HOF VILLAGE SPORTS BUSINESS, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/
	 	 	Name: Michael Crawford
	 	 	Title: Chief Executive Officer
	 	 	 
	 	HOF VILLAGE PARKING MANAGEMENT I, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/
	 	 	Name: Michael Crawford
	 	 	Title: Chief Executive Officer

  

[SIGNATURES CONTINUE ON NEXT PAGE]

 

     

     

    

 

	 	Borrowers, cont.:
	 	 
	 	HOF VILLAGE RESIDENCES I, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/
	 	 	Name: Michael Crawford
	 	 	Title: Chief Executive Officer
	 	 	 
	 	HOF VILLAGE CENTER FOR EXCELLENCE, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/
	 	 	Name: Michael Crawford
	 	 	Title: Chief Executive Officer
	 	 	 
	 	HOF VILLAGE CENTER FOR PERFORMANCE, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/
	 	 	Name: Michael Crawford
	 	 	Title: Chief Executive Officer
	 	 	 
	 	HOF EXPERIENCE, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/
	 	 	Name: Michael Crawford
	 	 	Title: Chief Executive Officer

 

[SIGNATURES CONTINUE ON NEXT PAGE]

 

     

     

    

 

	 	Borrowers, cont.:
	 	 
	 	HOF VILLAGE MEDIA GROUP, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/
	 	 	Name: Michael Crawford
	 	 	Title: Chief Executive Officer

 

[SIGNATURES CONTINUE ON NEXT PAGE]

 

     

     

    

 

	 	Administrative Agent:
	 	 
	 	GACP FINANCE CO., LLC,
	 	as Administrative Agent
	 	 	 	 
	 	By:	/s/
	 	 	Name: Robert A. Louzan
	 	 	Title: Authorized Signatory
	 	 	 	 
	 	Lenders (and by their signatures below, the Lenders (a) direct the Administrative Agent to execute this Amendment Number 7, and (b) approve the provisions of the Loan Agreement attached as Exhibit A hereto):
	 	 	 	 
	 	GACP II, L.P. (“Tranche 1 Lender”)
	 	 	 	 
	 	By:	/s/
	 	 	Name: Robert A. Louzan
	 	 	Title: Authorized Signatory
	 	 	 	 
	 	DEMOMODE MARKETING, LLC,
	 	a New York Limited liability company (“Tranche 2 Lender”)
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	IRG, LLC,
	 	a Nevada limited liability company (“Tranche 3 Lender”)
	 	 	 	 
	 	By:	S.L. Properties, Inc.
	 	 	a Delaware corporation
	 	 	its Manager
	 	 	 	 
	 	 	By:	               
	 	 	 	Name: Stuart Lichter
	 	 	 	Title: President

 

[SIGNATURES CONTINUE ON NEXT PAGE]

 

     

     

    

 

	 	Administrative Agent:
	 	 
	 	GACP FINANCE CO., LLC,
	 	as Administrative Agent
	 	 	 	 
	 	By:	 
	 	 	Name: Robert A. Louzan
	 	 	Title: Authorized Signatory
	 	 	 	 
	 	Lenders (and by their signatures below, the Lenders (a) direct the Administrative Agent to execute this Amendment Number 7, and (b) approve the provisions of the Loan Agreement attached as Exhibit A hereto):
	 	 	 	 
	 	GACP II, L.P. (“Tranche 1 Lender”)
	 	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title: Authorized Signatory
	 	 	 	 
	 	DEMOMODE MARKETING, LLC,
	 	a New York Limited liability company (“Tranche 2 Lender”)
	 	 	 	 
	 	By:	/s/
	 	 	Name:
	 	 	Title: Authorized Signatory
	 	 	 	 
	 	IRG, LLC,
	 	a Nevada limited liability company (“Tranche 3 Lender”)
	 	 	 	 
	 	By:	S.L. Properties, Inc.
	 	 	a Delaware corporation
	 	 	its Manager
	 	 	 	 
	 	 	By:	 
	 	 	 	Name: Stuart Lichter
	 	 	 	Title: President

 

[SIGNATURES CONTINUE ON NEXT PAGE]

 

     

     

    

 

	 	Administrative Agent:
	 	 
	 	GACP FINANCE CO., LLC,
	 	as Administrative Agent
	 	 	 	 
	 	By:	 	 
	 	 	Name: Robert A. Louzan
	 	 	Title: Authorized Signatory
	 	 	 	 
	 	Lenders (and by their signatures below, the Lenders direct the Administrative Agent to execute this Amendment Number 7), and (b) approve the provisions of the Loan Agreement attached as Exhibit A hereto):
	 	 	 	 
	 	GACP II, L.P. (“Tranche 1 Lender”)
	 	 	 	 
	 	By:	 	 
	 	 	Name:
	 	 	Title: Authorized Signatory
	 	 	 	 
	 	DEMOMODE MARKETING, LLC,
	 	a New York Limited liability company (“Tranche 2 Lender”)
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	IRG, LLC,
	 	a Nevada limited liability company (“Tranche 3 Lender”)
	 	 	 	 
	 	By:	S.L. Properties, Inc.
	 	 	a Delaware corporation
	 	 	its Manager
	 	 	 	 
	 	 	By:	/s/
	 	 	 	Name: Stuart Lichter
	 	 	 	Title: President

 

     

     

    

  

Exhibit A

 

[See Attached]

  

     

     

    

 

 

 

     

     

    

 

 

     

     

    

  

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

  

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

  

     

     

    

 

 

     

     

    

  

 

     

     

    

 

  

     

     

    

 

  

     

     

    

 

 

     

     

    

  

 

     

     

    

 

  

     

     

    

  

 

     

     

    

  

 

     

     

    

 

  

     

     

    

 

 

     

     

    

  

 

     

     

    

 

  

     

     

    

 

  

     

     

    

  

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

  

     

     

    

 

  

     

     

    

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

 

  

 

     

     

    

   

 

     

     

    

 

   

 

     

     

    

 

   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

 

     

     

    

 
   

Exhibit B

 

[On file with the Administrative Agent]

 

 

 

 

 

 

 

 

 

 

     

     

    

 
   

Exhibit C

 

[On file with the Administrative Agent]

 

 

 

 

 

 

 

 

 

 

     

     

    

 
   

Exhibit D

 

[On file with the Administrative Agent]

 

 

 

 

 

 

 

 

 

     

     

    

 

 
   

Exhibit E

 

[On file with the Administrative Agent]Exhibit 10.17

 

Execution Version

 

 

  

GUARANTY

 

 

made by

 

 

 

IRG MASTER HOLDINGS, LLC, 

a Delaware limited liability company,

as Guarantor

 

 

in favor of

 

GACP FINANCE CO., LLC,

 

 

as Administrative Agent

 

 

Dated as of November 16, 2019

 

 

 

     

     

    

 

GUARANTY

 

This GUARANTY (this
“Guaranty”), dated as of November 16, 2019, is made by IRG MASTER HOLDINGS, LLC, a Delaware limited liability company,
having a mailing address at 11111 Santa Monica Boulevard, Suite 800, Los Angeles, California 90025(together with its permitted
successors and assigns, “Guarantor”), in favor of GACP FINANCE CO., LLC, as administrative agent (together with its
successors and assigns in such capacity, hereinafter referred to as “Administrative Agent”), having an address at 11100
Santa Monica Blvd., Los Angeles, CA 90025.

 

R E C I T A L S

 

A. Pursuant
to that certain Loan Agreement dated as of March 20, 2018 (as amended by (i) that certain Delayed Draw Joinder Agreement Number
1, dated as of April 11, 2018, (ii) that certain Delayed Draw Joinder Agreement Number 2, dated as of May 18, 2018, (iii) that
certain Amendment Number 3 to Term Loan Agreement, dated as of September 14, 2018, (iv) that certain Amendment Number 4 to Term
Loan Agreement, dated as of February 19, 2019, (v) that certain Amendment Number 5 to Term Loan Agreement, dated as of June 28,
2019, (vi) that certain Amendment Number 6 to Term Loan Agreement, dated as of August 15, 2019, (vii) that certain Amendment Number
7 to Term Loan Agreement, dated as of the date hereof, and (viii) as further amended, restated, supplemented, waived or otherwise
modified from time to time, the “Loan Agreement”; capitalized terms used but not otherwise defined herein
shall have the meanings ascribed to such terms in the Loan Agreement), by and between:

 

		(i)	HOF VILLAGE, LLC, a Delaware limited liability company (the “Lead Borrower”);
HOF VILLAGE YOUTH FIELDS, LLC, a Delaware limited liability company; HOF VILLAGE PARKING, LLC, a Delaware limited liability company;
HOF VILLAGE STADIUM, LLC, a Delaware limited liability company; and the other Persons signatory thereto as “Borrowers”
(collectively, the “Borrowers”, and each individually, a “Borrower”);

 

		(ii)	the financial institutions or other lenders from time to time party to the Loan Agreement in the
capacity of lenders (being collectively referred to as the “Lenders”); and

 

		(iii)	the Administrative Agent.

 

B. The
Loan is secured by, among other things, certain Mortgages and other Security Documents made by Borrowers (together with all renewals,
modifications, increases and extensions of the same, the “Security Instrument”);

 

C. The
Borrowers have requested that Lenders, among other things, agree to certain additional amendments to the Loan Agreement and as
a condition to Lenders agreeing to such additional amendments and other accommodations under the Loan Agreement, the Guarantor
is required to execute and deliver to Administrative Agent this Guaranty; and

 

    1

     

    

 

D. Guarantor
hereby acknowledges that Guarantor is an Affiliate of the Borrowers and will materially benefit from the Loan, amendments and extensions
of credit and other accommodations under the Loan Agreement.

 

NOW, THEREFORE,
in consideration of the premises set forth herein and as an inducement for and in consideration of the agreement of the Secured
Parties making the Loan, amendments and extensions of credit and other accommodations under the Loan Agreement, Guarantor hereby
agrees, covenants, represents and warrants to Administrative Agent for the benefit of Administrative Agent and other Secured Parties
as follows:

 

1. Definitions.
As used herein, the term “Guaranteed Obligations” means: (a) the Obligations (as defined in the Loan
Agreement) under clause (a) of the definition thereof in the Loan Agreement, (b) the due and punctual payment of principal of,
and interest (including any interest that, but for the commencement of any proceeding under any Debtor Relief Laws, would have
accrued) on, any and all fees, premiums on and all expenses incurred in connection with the Obligations owed by any Borrower to
any Lender, the Administrative Agent or any other Secured Party in connection with the Loan Agreement or any other Loan Documents,
and (c) the due and punctual payment of all other present or future Obligations owing by any Borrower to any Lender, the Administrative
Agent or any other Secured Party, including but not limited to principal, interest (including any interest that, but for the commencement
of any proceeding under any Debtor Relief Laws, would have accrued), Exit Fees and all costs and expenses that are owed under the
Loan Documents. Notwithstanding the foregoing, Guarantor’s obligations hereunder shall be limited to the payment obligations
set forth in Sections 2(b), 2(f) and 16 below.

 

2. Guaranty.

 

(a) Guarantor
hereby irrevocably, absolutely and unconditionally guarantees to Administrative Agent for the benefit of Administrative Agent and
the other Secured Parties, as a primary obligor and not merely as a surety, the full, prompt and complete payment when due of the
Guaranteed Obligations as and when the same shall be due and payable, whether by lapse of time, by acceleration of maturity or
otherwise. Guarantor hereby irrevocably and unconditionally covenants and agrees that it is liable for the Guaranteed Obligations
as a primary obligor.

 

(b) The
Guarantor agrees as a primary obligor to make the following payments (which are also Guaranteed Obligations) on or before the following
dates to each of Tranche 1 Lender and Tranche 2 Lender (unless Tranche I Lender and Tranche 2 Lender have previously received such
payments from Borrowers):

 

(i) On
or before 12:00 p.m. (New York City time) on November 27, 2019, all then-accrued-and-unpaid interest through and including October
31, 2019, on the Tranche 1 Loan and the Tranche 2 Loan shall be paid in full. For the avoidance of doubt, the accrued-and-unpaid
interest on the Tranche 1 Loan is $4,320,726.51 and the accrued-and-unpaid interest on the Tranche 2 Loan is $1,080,389.62.

 

(ii) All
interest (other than additional interest resulting from the imposition of the default rate set forth in Section 2.06 of the Loan
Agreement, except as is set forth in clause (v) below) that is due in respect of the Tranche 1 Loan and the Tranche 2 Loan
shall be paid in arrears in cash (x) on each Interest Payment Date, (y) upon any prepayment of the Tranche 1 Loan and the Tranche
2 Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaid, and (z) at maturity, including final
maturity of the Loans.

 

    2

     

    

 

(iii) On
or before April 30, 2020, (x) fifty percent (50%) of the then-outstanding principal amount of the Tranche 1 Loan and the
Tranche 2 Loan, (y) any then-accrued-and-unpaid interest on the Tranche 1 Loan and the Tranche 2 Loan, and (z) all other fees and
costs owing to Tranche 1 Lender and Tranche 2 Lender (including amounts required to be paid under Section 2.04(e) and/or
Section 2.07 of the Loan Agreement, other than Exit Fees) shall be paid to the Administrative Agent, for the sole account
and benefit of Tranche 1 Lender (on account of the Tranche I Loan) and Tranche 2 Lender’ (on account of the Tranche 2 Loan).
Any payments of principal received from Guarantor or Borrowers, or on behalf of Guarantor or Borrowers, before April 30, 2020 by
Tranche 1 Lender (on account of the Tranche 1 Loan) or by Tranche 2 Lender (on account of the Tranche 2 Loan) shall be credited
against the amounts due on April 30, 2020 under this Section 2(b)(iii).

 

(iv) On
or before the Maturity Date, (w) all then-outstanding principal amount of the Tranche 1 Loan and the Tranche 2 Loan, (x) any then-accrued-and-unpaid
interest on the Tranche 1 Loan and the Tranche 2 Loan, (y) the Exit Fee that is due and payable in respect of the Tranche 1 Loan
(i.e. $400,000) and the Tranche 2 Loan (i.e. $100,000), and (z) all other fees and costs owing to Tranche 1 Lender and Tranche
2 Lender (including amounts required to be paid under Section 2.04(e) and/or Section 2.07 of the Loan Agreement)
shall be paid to the Administrative Agent, for the sole account and benefit of Tranche 1 Lender (on account of the Tranche 1 Loan)
and Tranche 2 Lender (on account of the Tranche 2 Loan).

 

(v) In
the event the Guarantor fails to make payment any amount then due and payable as set forth in clauses (i) through and including
(iv) above, in each case on the dates as set forth in such clauses (for any reason or for whatever reason, other than because of
actual payment in cash of such amounts having been made to the Administrative Agent, Tranche 1 Lender and Tranche 2 Lender on or
before the dates set forth in such clauses), then, at the option of either of Administrative Agent, Tranche 1 Lender, or Tranche
2 Lender, the entire amount of the Guaranteed Obligations shall become immediately and promptly due and payable forthwith upon
written notice to Guarantor and shall be subject to the Default Rate as set forth in Section 2.06 of the Loan Agreement.

 

Notwithstanding any exercise of any remedies
under any other Loan Documents, so long as the Guarantor makes the payments in the amount and on the dates and times as set forth
in clauses (i) and (iv) above, neither the Administrative Agent nor Tranche 1 Lender and Tranche 2 Lender shall seek the accelerate
the Guaranteed Obligations against the Guarantor; provided that the foregoing shall not prevent the Administrative Agent or other
Secured Parties from enforcing their rights and remedies against any other Persons (including the Borrowers) and which exercise
shall not relieve the Guarantor of its Guaranteed Obligations hereunder.

 

(c) The
Guarantor agrees that, in addition to the Administrative Agent, each of Tranche 1 Lender and Tranche 2 Lender shall have the right
to bring an independent cause of action against the Guarantor in respect of payments required to be made by the Guarantor in respect
of any of the Guaranteed Obligations (including any amount described in clause (b) above).

 

    3

     

    

 

(d) This
Guaranty covers the Guaranteed Obligations, whether presently outstanding or arising subsequent to the date hereof regardless of
the amount thereof.

 

(e) All
sums payable to Administrative Agent for the benefit of Administrative Agent and the other Secured Parties under this Guaranty
shall be payable on demand and without reduction for any offset, claim, counterclaim or defense.

 

(f) Guarantor
hereby agrees to indemnify, defend and save harmless the Administrative Agent, and each of Tranche 1 Lender and Tranche 2 Lender
from and against any and all costs, losses, liabilities, claims, causes of action and expenses and damages, including reasonable
attorneys’ fees and disbursements, which the Administrative Agent, each of Tranche 1 Lender and Tranche 2 Lender may reasonably
suffer or which otherwise may arise by reason of the Guarantor’s failure to pay any of the Guaranteed Obligations when due.

 

(g) The
obligations of Guarantor under this Guaranty shall be unlimited in amount with respect to the Guaranteed Obligations and primary,
irrevocable, direct and immediate and not conditional or contingent upon pursuit by Administrative Agent or the other Secured Parties
of any remedies that they may have against any Borrower under the Loan Agreement or the other Loan Documents or any remedies that
they might have against any other Person.

 

(h) The
fact that at any time or from time to time the Guaranteed Obligations may be increased or reduced or otherwise modified in any
manner or to any extent shall not release, diminish or discharge the obligation of Guarantor to the Administrative Agent or Secured
Parties with respect to the Guaranteed Obligations. This Guaranty may be enforced by the Administrative Agent (on behalf of the
other Secured Parties and any subsequent holder of the Notes) and shall not be discharged by the assignment or negotiation of all
or any part of the Loan.

 

(i) This
Guaranty may not be revoked by Guarantor and shall continue to be effective with respect to any Guaranteed Obligations arising
or created after any attempted revocation by Guarantor.

 

3. Representations
and Warranties. Guarantor hereby represents and warrants to Administrative Agent and the other Secured Parties as follows (which
representations and warranties shall be given as of the date hereof and shall survive the execution and delivery of this Guaranty):

 

(a) Organization,
Authority and Execution. Guarantor is a limited liability company organized under the laws of State of Delaware, and has all
necessary corporate power and authority to own its properties and to conduct its business as presently conducted or proposed to
be conducted and to enter into and perform this Guaranty and all other agreements and instruments to be executed by it in connection
herewith. This Guaranty has been duly executed and delivered by Guarantor.

 

(b) Enforceability.
This Guaranty constitutes a legal, valid and binding obligation of Guarantor, enforceable against Guarantor in accordance with
its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting the enforcement of creditors’ rights generally.

 

    4

     

    

 

(c) No
Violation. The execution, delivery and performance by Guarantor of its obligations under this Guaranty does not and will not
violate any law, regulation, order, writ, injunction or decree of any court or governmental body, agency or other instrumentality
applicable to Guarantor, or result in a breach of any of the terms, conditions or provisions of, or constitute a default under,
or result in the creation or imposition of any mortgage, lien, charge or encumbrance of any nature whatsoever upon any of the assets
of Guarantor pursuant to the terms of any mortgage, indenture, agreement or instrument to which Guarantor is a party or by which
it or any of its properties is bound.

 

(d) No
Litigation. There are no actions, suits or proceedings at law or at equity, pending or, to Guarantor’s knowledge, threatened
against or affecting Guarantor or which involve or might involve the validity or enforceability of this Guaranty or which could
materially and adversely affect the financial condition of Guarantor or the ability of Guarantor to perform any of its obligations
under this Guaranty. Guarantor is not in default beyond any applicable grace or cure period with respect to any order, writ, injunction,
decree or demand of any Governmental Authority which could materially and adversely affect the financial condition of Guarantor
or the ability of Guarantor to perform any of its obligations under this Guaranty.

 

(e) Consents.
All consents, approvals, orders or authorizations of, or registrations, declarations or filings with, all Governmental Authorities
(collectively, the “Consents”) that are required in connection with the valid execution, delivery and
performance by Guarantor of this Guaranty have been obtained, and Guarantor agrees that all Consents required in connection with
the carrying out or performance of any of Guarantor’s obligations under this Guaranty will be obtained when required.

 

(f) Financial
Information. Guarantor is not insolvent within the meaning of the United States Bankruptcy Code or any other applicable law,
code or regulation, and the execution, delivery and performance of this Guaranty will not render Guarantor insolvent.

 

(g) Consideration.
Guarantor or its Affiliates are the owners, directly or indirectly, of certain legal and/or beneficial equity interests in
the Lead Borrower.

 

4. [Reserved].

 

5. Unconditional
Character of Obligations of Guarantor.

 

(a) The
obligations of Guarantor hereunder shall be joint, several, irrevocable, absolute and unconditional, irrespective of the validity,
regularity or enforceability, in whole or in part, of the other Loan Documents or any provision thereof, or the absence of any
action to enforce the same, any waiver or consent with respect to any provision thereof, the recovery of any judgment against any
Borrower, Guarantor or any other Person or any action to enforce the same, any failure or delay in the enforcement of the obligations
of any Borrower under the other Loan Documents or Guarantor under this Guaranty, or any setoff, counterclaim, and irrespective
of any other circumstances which might otherwise limit recourse against Guarantor by Administrative Agent or constitute a legal
or equitable discharge or defense of a guarantor or surety. Administrative Agent may enforce the obligations of Guarantor under
this Guaranty by a proceeding at law, in equity or otherwise, independent of any loan foreclosure or similar proceeding or any
deficiency action against any Borrower or any other Person at any time, either before or after an action against the Property or
any part thereof, Borrower or any other Person. This Guaranty is a guaranty of payment and not merely a guaranty of collection.
Guarantor waives diligence, notice of acceptance of this Guaranty, filing of claims with any court, any proceeding to enforce
any provision of any other Loan Document, against Guarantor, any Borrower or any other Person, any right to require a proceeding
first against any Borrower or any other Person, or to exhaust any security (including, without limitation, the Property) for the
performance of the Guaranteed Obligations or any other obligations of any Borrower or any other Person, or any protest, presentment,
notice of default or other notice or demand whatsoever (except to the extent expressly provided to the contrary in this Guaranty).

 

    5

     

    

 

(b) The
obligations of Guarantor under this Guaranty, and the rights of Administrative Agent to enforce the same by proceedings, whether
by action at law, suit in equity or otherwise, shall not be in any way affected by any of the following:

 

(i) any
insolvency, bankruptcy, liquidation, reorganization, readjustment, composition, dissolution, receivership, conservatorship, winding
up or other similar proceeding involving or affecting any Borrower, the Collateral or any part thereof, Guarantor or any other
Person;

 

(ii) any
failure by Administrative Agent or any other Person, whether or not without fault on its part, to perform or comply with any of
the terms of the Loan Agreement, or any other Loan Documents, or any document or instrument relating thereto;

 

(iii) the
sale, transfer or conveyance of the Collateral or any interest therein to any Person, whether now or hereafter having or acquiring
an interest in the Collateral or any part thereof and whether or not pursuant to any foreclosure, trustee sale or similar proceeding
against any Borrower or the Collateral or any interest therein;

 

(iv) the
termination or discharge of any Security Instrument, the exercise of any power of sale or any foreclosure or the conveyance to
Administrative Agent, any Affiliate of Administrative Agent or any other Secured Party of the Collateral or any interest therein
by a deed-in-lieu of foreclosure;

 

(v) the
release of any Borrower or any other Person from the performance or observance of any of the agreements, covenants, terms or conditions
contained in any of the Loan Documents by operation of law or otherwise;

 

(vi) the
release in whole or in part of any collateral for any or all Guaranteed Obligations or for the Loan or any portion thereof;

 

(vii) any
action or inaction by Administrative Agent or any other Secured Party under or in respect of any of the Loan Documents, including
any failure to exercise, or any delay in exercising, any rights or remedies Administrative Agent or any other Secured Party may
have under this Guaranty or the other Loan Documents;

 

    6

     

    

 

(viii) any
modification, supplement, extension, consolidation, restatement, waiver or consent provided by Administrative Agent or any other
Secured Party with respect to any of the Loan Documents, including, without limitation, the grant of extensions of time for payment
or performance;

 

(ix) the
accuracy or inaccuracy of the representations and warranties made by any Borrower, Guarantor or any other Person in any of the
Loan Documents; or

 

(x) the
existence of any claim, setoff, counterclaim, defense or other rights which Guarantor may have against any Borrower, Administrative
Agent or any other Secured Party or any other Person, whether in connection with the Loan or any other transaction.

 

(c) Except
as otherwise specifically provided in this Guaranty, Guarantor hereby expressly and irrevocably waives all defenses in an action
brought by Administrative Agent or any other Secured Party to enforce this Guaranty based on claims of waiver, release, surrender,
alteration or compromise and all setoffs, reductions, or impairments, whether arising hereunder or otherwise.

 

(d) Administrative
Agent or any other Secured Party may deal with any Borrower and Affiliates of any Borrower in the same manner and as freely as
if this Guaranty did not exist and shall be entitled, among other things, to grant any Borrower or any other Person such extension
or extensions of time to perform any act or acts as may be deemed advisable by Administrative Agent or any other Secured Party,
at any time and from time to time, without terminating, affecting or impairing the validity of this Guaranty or the obligations
of Guarantor hereunder.

 

(e) No
compromise, alteration, amendment, modification, extension, renewal, release or other change of, or waiver, consent, delay, omission,
failure to act or other action with respect to, any liability or obligation under or with respect to, or of any of the terms, covenants
or conditions of, the Loan Documents shall in any way alter, impair or affect any of the obligations of Guarantor hereunder, and
Guarantor agrees that if any Loan Document is modified with Administrative Agent or any other Secured Party’s consent, the
Guaranteed Obligations shall automatically be deemed modified to include such modifications.

 

(f) Administrative
Agent or any other Secured Party may proceed to protect and enforce any or all of its rights under this Guaranty by suit in equity
or action at law, whether for the specific performance of any covenants or agreements contained in this Guaranty or otherwise,
or to take any action authorized or permitted under applicable law, and shall be entitled to require and enforce the performance
of all acts and things required to be performed hereunder by Guarantor. Each and every remedy of Administrative Agent or any other
Secured Party shall, to the extent permitted by law, be cumulative and shall be in addition to any other remedy given hereunder
or now or hereafter existing at law or in equity.

 

(g) No
waiver shall be deemed to have been made by Administrative Agent of any rights hereunder unless the same shall be in writing and
signed by Administrative Agent, and any such waiver shall be a waiver only with respect to the specific matter involved and shall
in no way impair the rights of Administrative Agent or any other Secured Party or the obligations of Guarantor to Administrative
Agent or any other Secured Party in any other respect or at any other time.

 

    7

     

    

 

(h) At
the option of Administrative Agent or any other Secured Party, Guarantor may be joined in any action or proceeding commenced by
Administrative Agent or any other Secured Party against any Borrower in connection with or based upon any other Loan Documents
and recovery may be had against Guarantor in such action or proceeding or in any independent action or proceeding against Guarantor
to the extent of Guarantor’s liability hereunder, without any requirement that Administrative Agent or any other Secured
Party first assert, prosecute or exhaust any remedy or claim against any Borrower or any other Person, or any security for the
obligations of any Borrower or any other Person.

 

(i) Guarantor
agrees that this Guaranty shall continue to be effective or shall be reinstated, as the case may be, if at any time any payment
is made by any Borrower or Guarantor to Administrative Agent or any other Secured Party and such payment is rescinded or must otherwise
be returned by Administrative Agent or any other Secured Party (as determined by Administrative Agent in its sole and absolute
discretion) upon insolvency, bankruptcy, liquidation, reorganization, readjustment, composition, dissolution, receivership, conservatorship,
winding up or other similar proceeding involving or affecting any Borrower or Guarantor, all as though such payment had not been
made.

 

(j) In
the event that Guarantor shall advance or become obligated to pay any sums under this Guaranty or in connection with the Guaranteed
Obligations or in the event that for any reason whatsoever any Borrower, any other guarantor of all or any portion of the Loan,
or any subsequent owner of the Real Property or any part thereof is now, or shall hereafter become, indebted to Guarantor, Guarantor
agrees that (i) the amount of such sums and of such indebtedness and all interest thereon shall at all times be subordinate as
to lien, the time of payment and in all other respects to all sums, including principal and interest and other amounts, at any
time owed to Administrative Agent or any other Secured Parties under the Loan Documents, and (ii) Guarantor shall not be entitled
to enforce or receive payment thereof until all principal, interest and other sums due pursuant to the Loan Documents have been
indefeasibly paid in full in cash. Nothing herein contained is intended or shall be construed to give Guarantor any right of subrogation
in or under the Loan Documents or any right to participate in any way therein, or in the right, title or interest of Administrative
Agent or any other Secured Party in or to any collateral for the Loan, notwithstanding any payments made by Guarantor under this
Guaranty, until the actual and irrevocable receipt by Administrative Agent and the other Secured Parties of payment in full in
cash of all principal, interest and other sums due with respect to the Loan or otherwise payable under the Loan Documents. If any
amount shall be paid to Guarantor on account of such subrogation rights at any time when any such sums due and owing to Administrative
Agent or any other Secured Party shall not have been fully paid, such amount shall be paid by Guarantor to Administrative Agent
for credit and application against such sums due and owing to Administrative Agent and the other Secured Parties.

 

(k) Guarantor’s
obligations hereunder shall survive a foreclosure, deed-in-lieu of foreclosure or similar proceeding involving the Real Property
and the exercise by Administrative Agent or any other Secured Parties of any or all of their remedies pursuant to the Loan Documents.

 

    8

     

    

 

6. [Reserved].

 

7. Entire
Agreement/Amendments. This instrument represents the entire agreement between the parties with respect to the subject matter
hereof. The terms of this Guaranty shall not be waived, altered, modified, amended, supplemented or terminated in any manner whatsoever
except by written instrument signed by Administrative Agent and Guarantor.

 

8. Successors
and Assigns. This Guaranty shall be binding upon Guarantor, and Guarantor’s estate, heirs, personal representatives,
successors and permitted assigns, may not be assigned or delegated by Guarantor and shall inure to the benefit of Administrative
Agent, other Secured Parties and their successors and assigns. Administrative Agent and the other Secured Parties shall have the
right to assign, delegate, pledge, participate or transfer their rights and obligations under this Guaranty without limitation
and any assignee or transferee shall be entitled to all the benefits afforded to the Administrative Agent and the other Secured
Parties under this Guaranty.

 

9. Governing
Law.

 

(a) THIS
GUARANTY WAS NEGOTIATED IN THE STATE OF NEW YORK AND THE PROCEEDS OF THE NOTES DELIVERED PURSUANT TO THE LOAN AGREEMENT WERE DISBURSED
FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION
EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS GUARANTY AND THE OBLIGATIONS
ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS
MADE AND PERFORMED IN SUCH STATE AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW,
GUARANTOR HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY• OTHER JURISDICTION GOVERNS
THIS GUARANTY AND THE NOTES, AND THIS GUARANTY AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK PURSUANT TO § 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

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(b) ANY
LEGAL SUIT, ACTION OR PROCEEDING AGAINST ADMINISTRATIVE AGENT, ANY OTHER SECURED PARTY OR GUARANTOR ARISING OUT OF OR RELATING
TO THIS GUARANTY SHALL BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN NEW YORK COUNTY, IN THE STATE AND CITY OF NEW YORK AND GUARANTOR
WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND GUARANTOR
HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. GUARANTOR AGREES THAT SERVICE
OF PROCESS UPON GUARANTOR AT THE ADDRESS FOR GUARANTOR SET FORTH HEREIN AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED
TO GUARANTOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON GUARANTOR IN ANY
SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. GUARANTOR (i) SHALL GIVE PROMPT NOTICE TO ADMINISTRATIVE AGENT OF ANY
CHANGE IN THE ADDRESS FOR GUARANTOR SET FORTH HEREIN, AND (ii) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE AN AUTHORIZED AGENT
WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS).
NOTWITHSTANDING THE FOREGOING, ADMINISTRATIVE AGENT OR ANY OTHER SECURED PARTY SHALL HAVE THE RIGHT TO INSTITUTE ANY LEGAL SUIT,
ACTION OR PROCEEDING FOR THE ENFORCEMENT OR FORECLOSURE OF THIS GUARANTY OR ANY LIEN ON ANY COLLATERAL FOR THE LOAN IN ANY FEDERAL
OR STATE COURT IN ANY JURISDICTION(S) THAT ADMINISTRATIVE OR SUCH SECURED PARTY MAY ELECT IN ITS SOLE AND ABSOLUTE DISCRETION,
AND GUARANTOR WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING,
AND GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING.

 

(c) GUARANTOR
ACKNOWLEDGES AND AGREES THAT THIS GUARANTY IS AN “INSTRUMENT FOR THE PAYMENT OF MONEY ONLY,” WITHIN THE MEANING OF
NEW YORK CIVIL PRACTICE LAW AND RULES SECTION 3213.

 

10. Section
Headings. The headings of the sections and paragraphs of this Guaranty have been inserted for convenience of reference only
and shall in no way define, modify, limit or amplify any of the terms or provisions hereof.

 

11. Severability.
Any provision of this Guaranty which may be determined by any competent authority to be prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating
the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, Guarantor hereby waives any
provision of law which renders any provision hereof prohibited or unenforceable in any respect.

 

12. WAIVER
OF TRIAL BY JURY. EACH OF ADMINISTRATIVE AGENT, EACH OTHER SECURED PARTY AND GUARANTOR HEREBY WAIVES THE RIGHT OF TRIAL BY
JURY IN ANY LITIGATION, ACTION OR PROCEEDING ARISING HEREUNDER OR IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY
IS GIVEN KNOWINGLY AND VOLUNTARILY BY GUARANTOR, AND IS INTENDED TO ENCOMPASS EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT
TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH SECURED PARTY IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING
AS CONCLUSIVE EVIDENCE OF THIS WAIVER OF TRIAL BY JURY BY GUARANTOR.

 

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13. Other
Guaranties. The obligations of Guarantor hereunder are separate and distinct from, and in addition to, the obligations of Guarantor
now or hereafter arising under any other guaranties, indemnification agreements or other agreements to which Guarantor is now or
hereafter becomes a party. In no event shall Guarantor be entitled to any credit against amounts due under this Guaranty by reason
of amounts paid to Administrative Agent or any other Secured Party by Guarantor or any other person under or by reason of the other
guaranties, indemnification agreements or other agreements to which Guarantor is now or hereafter becomes a party; provided,
however, under no circumstances shall the Secured Parties have duplicative recoveries for the same item.

 

14. Notices.
All notices, consents, approvals and requests required or permitted hereunder (a “Notice”) shall
be given in writing and shall be effective for all purposes if either hand delivered with receipt acknowledged, or by a nationally
recognized overnight delivery service (such as Federal Express), or by certified or registered United States mail, return receipt
requested, postage prepaid, in each case addressed as follows (or to such other address or Person as a party shall designate from
time to time by notice to the other party):

 

	 	
        

        To Guarantor:
	
        IRG Master Holdings, LLC

        11111 Santa Monica Blvd., Suite 800

        Los Angeles, California 90025

        Attention: Stuart Lichter

        Telephone: (310) 806-4434

	 	 	 
	 	With a copy to:	
        Fainsbert Mase Brown & Sussman, LLP

        11111 Santa Monica Boulevard, Suite 810

        Los Angeles, California 90025

        Attention: Dean Sussman, Esq.

        Email: DSussman@fms-law.com

        Telephone: (310) 473-6400

	 	 	 
	 	To Administrative Agent:	
        GACP Finance Co., LLC

        11100 Santa Monica Blvd.

        Los Angeles, CA 90025

        Attention: Robert A. Louzan

        Email: RLouzan@gacapitalpariners.com

        Telephone: (203) 663-5101

	 	 	 
	 	With a copy to:	
        Kramer Levin Naftalis & Frankel LLP

        1177 Avenue of the Americas

        New York, New York 10036

        Attention: Sanjay Thapar

        Email: SThapar@kramerlevin.com

        Telephone: (212) 715-9484

 

A notice shall be deemed to have been given:
in the case of hand delivery, at the time of delivery; in the case of registered or certified mail, when delivered or the first
attempted delivery on a Business Day; in the case of overnight delivery, upon the first attempted delivery on a Business Day.

 

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15. Guarantor’s
Receipt of Loan Documents. Guarantor by its execution hereof acknowledges receipt of true copies of all of the Loan Documents,
the terms and conditions of which are hereby incorporated herein by reference.

 

16. Interest;
Expenses.

 

(a) If
Guarantor fails to pay all or any sums due hereunder upon demand by Administrative Agent or any other Secured Party, the amount
of such sums payable by Guarantor to Administrative Agent or any other Secured Party shall bear interest from the date of demand
until paid at the Default Rate in effect from time to time.

 

(b) Guarantor
hereby agrees to pay all reasonable out-of-pocket costs, charges and expenses, including reasonable attorneys’ fees and disbursements,
that may be incurred by Administrative Agent or any other Secured Party in enforcing the covenants, agreements, obligations and
liabilities of Guarantor under this Guaranty. The amounts payable under this Section 16(b) are in addition to the Guaranteed
Obligations.

 

17. Joint
and Several Obligations. If Guarantor consists of more than one Person, each such Person shall have joint and several liability
for the obligations of Guarantor hereunder.

 

18. Termination.
Subject to Section 5(i), this Guaranty shall• terminate and the obligations of Guarantor hereunder (except for those
obligations expressly stated to survive the payment of the Debt) shall be of no further force and effect from and after the indefeasible
payment in full in cash of the Obligations.

 

19. Offsets,
Counterclaims and Defenses. Guarantor hereby waives the right to assert a counterclaim, other than a compulsory counterclaim,
in any action or proceeding brought against it by Administrative Agent or any other Secured Party, or otherwise offset any obligations
to make payments required under this Guaranty. Any assignee of Administrative Agent or any other Secured Party’s interest
in and to this Guaranty shall take the same free and clear of all offsets, counterclaims or defenses which Guarantor may otherwise
have against any assignor of this Guaranty, and no such offset, counterclaim or defense shall be interposed or asserted by Guarantor
in any action or proceeding brought by any such assignee upon this Guaranty, and any such right to interpose or assert any such
offset, counterclaim or defense in any such action or proceeding is hereby expressly waived by Guarantor.

 

20. Punitive
Damages. Guarantor hereby unconditionally and irrevocably waives, to the maximum extent not prohibited by applicable law, any
rights it may have to claim or recover against Administrative Agent or any other Secured Party in any legal action or proceeding
any special, exemplary, punitive or consequential damages.

 

21. Time
of the Essence. Time is of the essence with respect to the performance and observance by Guarantor of each covenant, agreement,
provision and term of this Guaranty.

 

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22. Duplicate
Originals; Counterparts. This Guaranty may be executed in any number of duplicate originals, and each duplicate original shall
be deemed to be an original. This Guaranty (and each duplicate original) also may be executed in any number of counterparts, each
of which shall be deemed an original and all of which together constitute a fully executed Guaranty even though all signatures
do not appear on the same document. Receipt of an executed signature page to this Guaranty by facsimile, attachment to an email
or other electronic transmission shall constitute effective delivery thereof.

 

23. Civil
Code Waivers. Guarantor expressly waives any and all benefits, rights and/or defenses which might otherwise be available to
Guarantor under California Civil Code Sections 2787 to 2855, inclusive, and 2899, 2953 and 3433.

 

24. Document
Imaging. Administrative Agent shall be entitled, in its sole discretion, to image or make copies of all or any selection of
the agreements, instruments, documents, and items and records governing, arising from or relating to any of Borrowers’ loans,
including, without limitation, this Guaranty and the other Loan Documents, and Administrative Agent may destroy or archive the
paper originals. The parties hereto (i) waive any right to insist or require that Administrative Agent produce paper originals,
(ii) agree that such images shall be accorded the same force and effect as the paper originals, (iii) agree that Administrative
Agent is entitled to use such images in lieu of destroyed or archived originals for any purpose, including as admissible evidence
in any demand, presentment or other proceedings, and (iv) further agree that any executed facsimile (faxed), scanned, or other
imaged copy of this Guaranty or any Loan Document shall be deemed to be of the same force and effect as the original manually executed
document.

 

25. Constituent
Persons. All of the terms and provisions of this Guaranty are recourse obligations of the Guarantor. Notwithstanding the foregoing,
recourse against the Guarantor under this Guaranty is limited solely to the Guarantor and its assets, and no director, officer,
member, manager, employee, agent or representative of the Guarantor (any of the foregoing, a “Constituent Person”)
shall have any personal or other liability, directly or indirectly, under or in connection with this Guaranty (other than for fraud,
and, in such case, the liability of such Constituent Person shall be limited to damages sustained as a result of such fraud), and
each of the Administrative Agent and each Lender hereby waives any and all such personal liability under this Guaranty against
any Constituent Person (other than for fraud, and, in such case, the liability of such Constituent Person shall be limited to damages
sustained as a result of such fraud); provided that nothing contained herein shall release any Constituent Person or any
of the Borrowers from any liability or obligation arising for matters related to Loan Documents signed by them or other agreements
signed by them; provided, further that in no event shall the foregoing prevent the Administrative Agent and the Lenders
from bringing a foreclosure action, an action for specific performance or any other appropriate action or proceeding against any
Borrower or any other Person under any Loan Documents or other agreement or any Collateral.

 

26. Not
a Replacement Guaranty. Parties hereto expressly agree that this Guaranty is not and shall not be deemed to a Replacement Guaranty
(as such term is defined in the Recourse Guaranty).

 

[Remainder of Page Intentionally Left
Blank; Signature Page Follows]

 

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IN WITNESS WHEREOF,
Guarantor has executed this Guaranty as of the date first above written.

 

	 	IRG MASTER HOLDINGS, LLC
	 	a Nevada limited liability company
	 	 	 
	 	By:	/s/ Stuart Lichter
	 	Name: 	Stuart Lichter
	 	Title:	President

 

 

14

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