Document:

Exhibit 10.4

 

___________________________________________________________________

 

ENERGY PROJECT COOPERATIVE AGREEMENT

 

By and among

 

Canton
Regional Energy Special Improvement District, INC.;

 

HOF VILLAGE CENTER FOR EXCELLENCE, LLC;

 

PACE EQUITY LLC; and

 

CITY OF CANTON, OHIO

 

Dated as of December 15, 2021

 

___________________________________________________________________

 

BRICKER & ECKLER LLP

 

     

     

    

 

ENERGY PROJECT COOPERATIVE AGREEMENT

 

THIS ENERGY PROJECT COOPERATIVE
AGREEMENT (the “Agreement”) is made and entered into as of December 15, 2021 (the “Closing Date”), between the
CANTON REGIONAL ENERGY SPECIAL IMPROVEMENT DISTRICT, INC., a nonprofit corporation and
special improvement district duly organized and validly existing under the laws of the State of Ohio (the “State”) (the
“ESID”), HOF VILLAGE CENTER FOR EXCELLENCE, LLC, a limited liability company duly organized and validly existing under the
laws of the State of Ohio (the “State”) (the “Owner”), PACE EQUITY LLC, a limited liability duly organized and
validly existing under the laws of the State of Wisconsin (the “Investor”), and the CITY OF CANTON, OHIO, a political subdivision
duly organized and validly existing under the constitution and laws of the State (the “City”) (the capitalized terms used
in this Agreement and not defined in the preamble and recitals have the meanings stated in Exhibit A to this Agreement):

 

A.
The ESID was created under Ohio Revised Code Chapters 1702 and 1710 and established pursuant to Resolution No. 112/2020 of the
City Council of the City of Canton, Ohio, approved on June 15, 2020. Pursuant to the same action, the Canton Regional Energy Special Improvement
District Project Plan (as amended and supplemented from time to time, the “Plan”) was adopted as a plan for public improvements
and public services under Ohio Revised Code Section 1710.02(F).

 

B.
The ESID is an energy special improvement district and nonprofit corporation duly organized and validly existing under the laws
of the State of Ohio to further the public purpose of implementing special energy improvement projects pursuant to the authority in Ohio
Revised Code Chapter 1710 and Article VIII, Section 2o of the Ohio Constitution.

 

C.
On November 22, 2021, by its Ordinance No. 234/2021 the City Council of the City (the “City Council”) approved the
Petition for Special Assessments for Special Energy Improvement Projects (the “Petition”) submitted to the City by the Owner
and HOF Village Newco, LLC, the Owner’s predecessor in title, together with the Canton Regional Energy Special Improvement District
Project Plan Supplement to Plan for HOFV Center for Excellence Project.

 

D.
Pursuant to the Plan, the ESID, among other services, shall assist property owners, whether private or public, who own real property
within participating political subdivisions to obtain financing for special energy improvement projects.

 

G. In
order to obtain financing for special energy improvement projects and to create special assessment revenues available to pay and repay
the costs of special energy improvement projects, the Petition requested that the City Council levy Special Assessments against the Owner’s
property as more fully described in the Plan.

 

H. The
ESID, the Owner, the Investor, and the City (collectively the “Parties,” and each, a “Party”) each have determined
that the most efficient and effective way to implement the financing, acquisition, installation, equipment, and improvement of energy
special improvement projects and to further the public purposes set forth above is through this Agreement, pursuant to the Special Assessment
Act and on the terms set forth in this Agreement, with (i) the Investor providing the Project Advance to finance the costs of the special
energy improvement projects described in the Plan, (ii) the ESID and the Owner cooperating to acquire, install, equip and improve special
energy improvement projects, (iii) the Owner agreeing to make Special Assessment payments in an aggregate amount that will provide revenues
sufficient to pay or repay the permitted costs of the special energy improvement projects, (iv) the City agreeing to assign and transfer
all Special Assessment payments actually received by the City to the Investor to repay the Project Advance; and (v) the ESID agreeing
to assign, transfer, and set over to the Investor any of its right, title, or interest in and to the Special Assessments which it may
have by operation of law, this Agreement, or otherwise; provided that a portion of the Special Assessments may be retained by, or be payable
to, the City or the ESID, all pursuant to and in accordance with this Agreement.

 

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I. The
Parties each have full right and lawful authority to enter into this Agreement and to perform and observe its provisions on their respective
parts to be performed and observed, and have determined to enter into this Agreement to set forth their respective rights, duties, responsibilities,
obligations, and contributions with respect to the implementation of special energy improvement projects within the ESID.

 

NOW, THEREFORE, in consideration
of the promises and the mutual representations, warranties, covenants, and agreements contained in this Agreement, the Parties agree as
follows; provided, that any obligation of the ESID created by or arising out of this Agreement never shall constitute a general obligation,
bonded indebtedness, or a pledge of the general credit of the ESID, or give rise to any pecuniary liability of the ESID, but any such
obligation shall be payable solely from the Special Assessments actually received by the ESID, if any; and provided, further, that any
obligation of the City created by or arising out of this Agreement never shall constitute a general obligation, bonded indebtedness, or
a pledge of the general credit of the City, or give rise to any pecuniary liability of the City, but any such obligation shall be payable
solely from the Special Assessments actually received by the City, if any:

 

ARTICLE I: DEFINITIONS

 

Section 1.1.
Use of Defined Terms. In addition to the words and terms defined elsewhere in this Agreement or by reference to another
document, words and terms used in this Agreement shall have the meanings set forth in Exhibit A to this Agreement unless
the context or use clearly indicates another meaning or intent. Definitions shall apply equally to both the singular and plural forms
of any of the words and terms. Words of any gender include the correlative words of the other gender, unless the sense indicates otherwise.

 

 

Section 1.2.
Interpretation. Any reference in this Agreement to the ESID, the ESID Board, the Owner, the City, the City Council, the
Investor, or to any member or officer of any of the foregoing, includes entities or officials succeeding to their respective functions,
duties or responsibilities pursuant to or by operation of law or lawfully performing their functions.

 

Any reference to a section
or provision of the Constitution of the State or the Special Assessment Act, or to a section, provision or chapter of the Ohio Revised
Code or any other legislation or to any statute of the United States of America, includes that section, provision, or chapter as amended,
modified, revised, supplemented, or superseded from time to time; provided, however, that no amendment, modification, revision, supplement,
or superseding section, provision, or chapter shall be applicable solely by reason of this provision if it constitutes in any way an impairment
of the rights or obligations of the Parties under this Agreement.

 

Section 1.3.
Captions and Headings. The captions and headings in this Agreement are solely for convenience of reference and in no way
define, limit, or describe the scope or intent of any of this Agreement’s Articles, Sections, subsections, paragraphs, subparagraphs
or clauses.

 

Article
II: COOPERATIVE ARRANGEMENTS; ASSIGNMENT OF SPECIAL ASSESSMENTS

 

Section 2.1.
Agreement Between the City, the ESID, and the Investor. The Owner and the ESID have requested the assistance of the Investor
and the City in the financing of special energy improvement projects within the ESID. For the reasons set forth in this Agreement’s
Recitals—which Recitals are incorporated into this Agreement by this reference as a statement of the public purposes of this Agreement
and the intended arrangements among the Parties—the City and the ESID have requested the assistance and cooperation of the Investor
in the collection and payment of Special Assessments in accordance with this Agreement. The Parties intend this Agreement to be, and it
shall be, an agreement among the Parties to cooperate in the financing, acquisition, installation, equipment, and improvement of “special
energy improvement projects,” pursuant to Ohio Revised Code Chapter 1710, and as that term is defined in Ohio Revised Code Section
1710.01(I). The Parties intend this Agreement’s provisions to be, and they shall be construed as, agreements to take effective cooperative
action and to safeguard the Parties’ interests.

 

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Upon the considerations stated
above and upon and subject to the terms and conditions of this Agreement, the Investor, on behalf of the Parties, shall make the Project
Advance available to the Owner to pay the costs of the Project. The City and the ESID shall assign, transfer, set over, and pay the Special
Assessments actually received by the City or the ESID, respectively, to the Investor, to pay the costs of the Project at the times and
in the manner provided in this Agreement; provided, however, that the City, the ESID, and the Investor intend that the City shall receive
all Special Assessments from the County Treasurer and shall transfer, set over, and pay all Special Assessments received from the County
Treasurer directly to the Investor. The City, the ESID, and the Investor further intend and agree that the Investor shall pay to the ESID,
out of the Special Assessments received by the Investor, a semi-annual fee of $1,612.77 for the ESID’s administrative expenses;
provided, however, that if the amount of Special Assessments received by the Investor in any year are insufficient to pay the principal
of, and interest on the Project Advance due in that year and the semi-annual fee of $1,612.77 due to the ESID, the Special Assessments
received shall first be applied to the payment of interest on the Project Advance, then to the repayment of the principal of the Project
Advance, and then to the payment of the semi-annual fee due to the ESID.

 

Notwithstanding anything in
this Agreement to the contrary, any obligations of the City under this Agreement, including the obligation to transfer the Special Assessments
received by the City to the Investor, shall be a special obligation of the City and shall be required to be made only from Special Assessments
actually received by or on behalf of the City, if any. The City’s obligations under this Agreement are not and shall not be secured
by an obligation or pledge of any moneys raised by taxation. The City’s obligations under this Agreement do not and shall not represent
or constitute a debt or pledge of the City’s faith and credit or taxing power, and the ESID, the Owner, and the Investor do not
have and shall not have any right to have taxes levied by the City for the transfer of the Special Assessments.

 

Section 2.2.
Special Assessments; City Transfer of Special Assessments.

 

		(a)	The Special Assessment Proceedings. The City has taken all necessary actions required by the Special
Assessment Act to levy and collect the Special Assessments on the Property.

 

Pursuant to Ohio Revised Code Section
727.33, the City has certified the Special Assessments to the County Auditor for collection, and the County Auditor shall collect the
unpaid Special Assessments with and in the same manner as other real property taxes and pay the amount collected to the City. The Parties
intend that the County Auditor and the County Treasurer shall have the duty to collect the Special Assessments through enforcement proceedings
in accordance with applicable law.

 

		(b)	Collection of Delinquent Special Assessments. The ESID and the Investor are hereby authorized to
take any and all actions as assignees of and, to the extent required by law, in the name of, for, and on behalf of, the City to collect
delinquent Special Assessments levied by the City pursuant to the Special Assessment Act and to cause the lien securing the delinquent
Special Assessments to be enforced through prompt and timely foreclosure proceedings, including, but not necessarily limited to, filing
and prosecution of mandamus or other appropriate proceedings to induce the County Prosecutor, the County Auditor, and the County Treasurer,
as necessary, to institute such prompt and timely foreclosure proceedings. The proceeds of the enforcement of any such lien shall be deposited
and used in accordance with this Agreement.

 

		(c)	Prepayment of Special Assessments. The Parties agree that the Special Assessments assessed against
the Property and payable to the City pursuant to the Special Assessment Act may be prepaid to the Investor by the Owner in accordance
with Section 4.7 of this Agreement. Except as set forth in this Section 2.2(c) and Section 4.7 of this Agreement, the Owner shall not
prepay any Special Assessments. Notwithstanding the foregoing, if the Owner attempts to cause a prepayment of the Special Assessments
by paying to the County Treasurer any amount as a full or partial prepayment of Special Assessments, and if the City shall have knowledge
of the same, the City immediately shall notify the Investor, and, unless provided the express written consent of the Investor, the City
shall not cause any reduction in the amount of Special Assessments. Except as specifically provided in this Agreement to the contrary,
no other action pursuant to any provision of this Agreement shall abate in any way the payment of the Special Assessments by the Owners
of the Property or the transfer of the Special Assessments by the City to the Investor.

 

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		(d)	Reduction of Special Assessments. The Parties agree that the Special Assessments may be subject
to reduction, but only upon the express written consent or instruction of the Investor, such written consent or instruction to be provided
by Investor to the City within twenty (20) days of the receipt of any prepayment by Owner as set forth in this Agreement. If the Owner
causes the Special Assessments to be prepaid in accordance with Sections 2.2(c) and 4.7 of this Agreement, upon the City’s receipt
of the Investor’s express written consent or instruction, the City shall certify to the County Auditor, prior to the last date in
the then-current tax year on which political subdivisions may certify special assessments to the County Auditor, a reduction in the amount
of Special Assessments collected such that, following such reduction, the amount of Special Assessments remaining to be paid shall be
equal to the amounts necessary to pay, as and when due, the remaining outstanding principal of the Project Advance, together with interest
at the annual rate of 6.05%, a $300.00 semi-annual servicing fee to the Investor, and a $1,612.77 semi-annual administrative fee to the
ESID. The parties acknowledge and agree that County Auditor may calculate, charge, and collect a collection fee on each annual installment
of the Special Assessments in an amount to be calculated, charged, and collected by the County Auditor pursuant to Ohio Revised Code Section
727.36, which fee is in addition to the amount of the Special Assessments and other related interest, fees, and penalties. Notwithstanding
anything in this Agreement to the contrary, the City shall not cause any reduction in the amount of Special Assessments without the prior
written consent or instruction of the Investor.

 

		(e)	Assignment of Special Assessments. The City agrees that it shall establish its funds for the collection
of the Special Assessments as separate funds maintained on the City’s books and records and to be held in the custody of a bank
with which the City maintains a depository relationship. The City hereby assigns to the Investor all of its right, title and interest
in and to: (i) the Special Assessments received by the City under this Agreement, (ii) the City’s special assessment funds established
for the Project, and (iii) any other property received or to be received from the City under this Agreement. The City further shall transfer,
set over, and pay the Special Assessments and Delinquency Amounts to the Investor in accordance with this Agreement. The ESID acknowledges
and consents to the City’s assignment of the Special Assessments to the Investor. The Parties agree that each of the City, the ESID,
and the Investor, as assignee of the Special Assessments, is authorized to take any and all actions, whether at law, or in equity, to
collect delinquent Special Assessments levied by the City pursuant to law and to cause the lien securing any delinquent Special Assessments
to be enforced through prompt and timely foreclosure proceedings, including, but not necessarily limited to, filing and prosecution of
mandamus or other appropriate proceedings to induce the County Prosecutor, the County Auditor, and the County Treasurer, as necessary,
to institute such prompt and timely foreclosure proceedings.

 

		(f)	Transfer of Special Assessments. The parties anticipate that semi-annual installments of the Special
Assessments and Delinquency Amounts will be paid to the City by the County Auditor and the County Treasurer in accordance with Ohio Revised
Code Chapters 319, 321, 323, and 727, which, without limiting the generality of the foregoing, contemplates that the County Auditor and
County Treasurer will pay the Special Assessments and Delinquency Amounts to the City on or before June 1 and December 1 of each year.
Immediately upon receipt of any moneys received by the City as Special Assessments and Delinquency Amounts, but in any event not later
than 21 calendar days after the receipt of such moneys and the corresponding final settlement from the County Auditor, the City shall
deliver to the Investor all such moneys received by the City as Special Assessments and Delinquency Amounts by ACH or check as determined
in the sole discretion of the City. The Investor shall provide the City with account and payment information in the form of Exhibit
I on the Closing Date. The Investor may from time to time provide updated written account and payment information in the form
of Exhibit I to the City for the payment of Special Assessments and Delinquency Amounts, but the City shall maintain its
right to send the special assessments by ACH or check in its sole discretion. If at any time during the term of this Agreement the County
Auditor agrees, on behalf of the City, to disburse the Special Assessments and Delinquency Amounts to the Investor pursuant to instructions
or procedures agreed upon by the County Auditor and the City, then, upon each transfer of an installment of the Special Assessments and
Delinquency Amounts from the County Auditor to the Investor, the City shall be deemed to have satisfied all of its obligations under this
Agreement to transfer that installment of the Special Assessments and Delinquency Amounts to the Investor.

 

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		(g)	Repayment of Project Advance. The Investor shall credit, on the dates shown on the Repayment Schedule
(which is attached to, and incorporated into, this Agreement as Exhibit B), Special Assessments in the amounts shown on
the Repayment Schedule to the payment of accrued interest on the Project Advance and to the repayment of the portion of the principal
of the Project Advance scheduled to be repaid on such date. The Investor, on the dates shown on the Repayment Schedule, further shall
pay to the ESID, after the payment of accrued interest on the Project Advance, the repayment of the portion of principal of the Project
Advance scheduled to be repaid on such date, and the payment of a $300.00 semi-annual servicing fee to the Investor, a semi-annual fee
of $1,612.77 or such lesser amount as may be available from the Special Assessments on the applicable date after the payment of accrued
interest on the Project Advance and the repayment of the portion of the principal of the Project Advance scheduled to be repaid on such
date. The Parties acknowledge and agree that the County Auditor may calculate, charge, and collect a fee on each installment of the Special
Assessments in an amount that the County Auditor deems necessary to defray the expense of collecting the Special Assessments pursuant
to Ohio Revised Code Section 727.36, which fee is in addition to the amount of the Special Assessments and other related interest, fees,
and penalties, and that such fee shall be paid to the County Auditor with the Special Assessments, and that the County Auditor will retain
such fee.

 

Section 2.3.
Obligations Unconditional; Place of Payments. The City’s obligation to transfer the Special Assessments and any Delinquency
Amounts to the Investor under Section 2.2 of this Agreement shall be absolute and unconditional, and the City shall make such transfers
without abatement, diminution, or deduction regardless of any cause or circumstance whatsoever, including, without limitation, any defense,
set-off, recoupment, or counterclaim which the City may have or assert against the Investor, the ESID, or the Owner; provided, however,
that the City’s obligation to transfer the Special Assessments and any Delinquency Amounts is limited to the Special Assessments
and any Delinquency Amounts actually received by or on behalf of the City, and nothing in this Agreement shall be construed to obligate
the City to transfer or pledge, and the City shall not transfer or pledge any special assessments not related to the ESID.

 

Section 2.4.
Appropriation by the City; No Further Obligations. Upon the Parties’ execution of this Agreement, all of the Special
Assessments and any Delinquency Amounts received or to be received by the City shall be deemed to have been appropriated to pay the City’s
obligation under this Agreement to pay to the Investor all Special Assessments and any Delinquency Amounts received by the City. During
the years during which this Agreement is in effect, the City shall take such further actions as may be necessary or desirable in order
to appropriate the transfer of the Special Assessments and any Delinquency Amounts actually received by the City in such amounts and at
such times as will be sufficient to enable the City to satisfy its obligation under this Agreement to pay to the Investor all Special
Assessments and any Delinquency Amounts received by the City; provided that the City shall not be responsible for the costs and expenses
of any collection or enforcement actions, except to the extent of any Special Assessments and Delinquency Amounts actually received by
the City; and provided further that nothing in this paragraph shall be construed as a waiver of the City’s right to be indemnified
pursuant to Section 6.4 of this Agreement. The City has no obligation to use or apply to the payment of the Special Assessments and any
Delinquency Amounts any funds or revenues from any source other than the moneys received by the City as Special Assessments and any Delinquency
Amounts; provided, however, that nothing in this Agreement shall be deemed to prohibit the City from using, to the extent that it is authorized
to do so, any other resources for the fulfillment of any of this Agreement’s terms, conditions, or obligations.

 

Section 2.5.
Security for Advanced Funds. To secure the transfer of the Special Assessments and any Delinquency Amounts by the City to
the Investor, and in accordance with the Special Assessment Act, the ESID hereby assigns, transfers, sets over, and shall pay all of its
right, title, and interest in and to the Special Assessments related to the ESID actually received by or on behalf of the City to the
Investor. The Owner and the City agree and consent to that assignment.

 

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Article
III: REPRESENTATIONS, WARRANTIES, AND AGREEMENTS

 

Section 3.1.
The City’s Representations and Warranties. The City represents and warrants that:

 

		(a)	It is a political subdivision duly organized, and validly existing under the Constitution and applicable
laws of the State.

 

		(b)	It is not in violation of or in conflict with any provisions of the laws of the State or of the United
States of America applicable to the City that would impair its ability to carry out its obligations contained in this Agreement.

 

		(c)	It is legally empowered to execute, deliver and perform this Agreement and to enter into and carry out
the transactions contemplated by this Agreement. To the City’s knowledge, that execution, delivery and performance does not and
will not violate or conflict with any provision of law applicable to the City and does not and will not conflict with or result in a default
under any agreement or instrument to which the City is a party or by which it is bound.

 

		(d)	It, by proper action, duly has authorized, executed, and delivered this Agreement, and the City has taken
all steps necessary to establish this Agreement and the City’s covenants and agreements within this Agreement, as valid and binding
obligations of the City, enforceable in accordance with their terms.

 

		(e)	There is no litigation pending, or to its knowledge threatened, against or by the City in which an unfavorable
ruling or decision would materially adversely affect the City’s ability to carry out its obligations under this Agreement.

 

		(f)	The assignment contained in Section 2.2(e) is a valid and binding obligation of the City with respect
to the Special Assessments received by the City under this Agreement.

 

Section 3.2.
The ESID’s Representations and Warranties. The ESID represents and warrants that:

 

		(a)	It is a nonprofit corporation and special improvement district, duly organized, and validly existing under
the Constitution and applicable laws of the State.

 

		(b)	It is not in violation of or in conflict with any provisions of the laws of the State or of the United
States of America applicable to the ESID that would impair its ability to carry out its obligations contained in this Agreement.

 

		(c)	It is legally empowered to execute, deliver and perform this Agreement and to enter into and carry out
the transactions contemplated by this Agreement. To the ESID’s knowledge, that execution, delivery and performance does not and
will not violate or conflict with any provision of law applicable to the ESID and does not and will not conflict with or result in a default
under any agreement or instrument to which the ESID is a party or by which it is bound.

 

		(d)	It, by proper action, duly has authorized, executed, and delivered this Agreement, and the ESID has taken
all steps necessary to establish this Agreement and the ESID’s covenants and agreements within this Agreement as valid and binding
obligations of the ESID, enforceable in accordance with their terms.

 

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		(e)	There is no litigation pending, or to its knowledge threatened, against or by the ESID in which an unfavorable
ruling or decision would materially adversely affect the ESID’s ability to carry out its obligations under this Agreement.

 

		(f)	The assignment contained in Section 2.5 is a valid and binding obligation of the ESID with respect to
the ESID’s right, title and interest in the Special Assessments under this Agreement.

 

Section 3.3.
The Owner’s Representations and Warranties. The Owner represents and warrants that:

 

		(a)	It is a limited liability company duly organized, validly existing and in full force and effect under
the laws of the State of Ohio. It has all requisite power to conduct its business as presently conducted and to own, or hold under lease,
its assets and properties, and, is duly qualified to do business in all other jurisdictions in which it is required to be qualified, except
where failure to be so qualified does not have a material adverse effect on it, and will remain so qualified and in full force and effect
during the period during which Special Assessments shall be assessed, due, and payable.

 

		(b)	It, by proper action, duly has authorized, executed, and delivered this Agreement, and it has taken all
steps necessary to establish this Agreement and its covenants and agreements within this Agreement as valid and binding obligations, enforceable
in accordance with their terms

 

		(c)	There are no actions, suits or proceedings pending or, to its knowledge, threatened against or affecting
it, the Property, or the Project that, if adversely determined, would individually or in the aggregate materially impair its ability to
perform any of its obligations under this Agreement, or materially adversely affect its financial condition (an “Action”),
and during the term of this Agreement, the Owner shall promptly notify the Investor of any Action commenced or to its knowledge threatened
against it.

 

		(d)	It is not in default under this Agreement, and no condition, the continuance in existence of which would
constitute a default under this Agreement exists. It is not in default in the payment of any Special Assessments or under any agreement
or instrument related to the Special Assessments which has not been waived or allowed.

 

		(e)	Except for any financing of the Property and the lien related thereto that Owner has previously disclosed
in writing (including, without limitation, the Senior Loan from the Senior Lender), it has as of the date of this Agreement made no contract
or arrangement of any kind, other than this Agreement, which has given rise to, or the performance of which by the other party thereto
would give rise to, a lien or claim of lien on its Project, except inchoate statutory liens in favor of suppliers, contractors, architects,
subcontractors, laborers or materialmen performing work or services or supplying materials in connection with the acquiring, installing,
equipping and improving of its Project.

 

		(f)	No representation or warranty made by it contained in this Agreement, and no statement contained in any
certificate, schedule, list, financial statement or other instrument furnished to the Investor or the ESID by it or on its behalf contained,
as of the date thereof, any untrue statement of a material fact, or omits to state a material fact necessary to make the statements contained
herein or therein not misleading.

 

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		(g)	Since the date of the most recent financial statements of the Owner provided to the Investor, there has
been no material adverse change in the financial condition of the Owner, nor has the Owner mortgaged, pledged or granted a security interest
in or encumbered the Property since such date, except as otherwise disclosed to the Investor in writing, and the financial statements
which have been delivered to the Investor prior to the Closing Date are true, correct, and current in all material respects and fairly
represent the respective financial conditions of the subjects of the financial statements as of the respective dates of the financial
statements.

 

		(h)	The Owner has good and marketable title to its Property, subject only to existing liens, pledges, encumbrances,
charges or other restrictions of record previously disclosed by the Owner to the Investor in writing, liens for taxes not yet due and
payable, and minor liens of an immaterial nature.

 

		(i)	The Project complies in all material respects with all applicable zoning, planning, building, environmental
and other regulations of each Governmental Authority having jurisdiction of the Project, and all necessary permits, licenses, consents
and permissions necessary for the Project have been or will be obtained.

 

		(j)	The plans and specifications for the Project are satisfactory to the Owner, have been reviewed and approved
by the general contractor for the Project, the tenants under any leases which require approval of the plans and specifications, the purchasers
under any sales contracts which require approval of the plans and specifications, any architects for the Project, and, to the extent required
by applicable law or any effective restrictive covenant, by all Governmental Authorities and the beneficiaries of any such covenants;
all construction of the Project, if any, already performed on the Property has been performed on the Property in accordance with such
approved plans and specifications and the restrictive covenants applicable to the plans and specifications; there are no structural defects
in the Project or violations of any requirement of any Governmental Authorities with respect to the Project; the planned use of the Project
complies with applicable zoning ordinances, regulations, and restrictive covenants affecting the Property as well as all environmental,
ecological, landmark and other applicable laws and regulations; and all requirements for such use have been satisfied.

 

		(k)	The Owner has the Required Insurance Coverage and will maintain the Required Insurance Coverage at all
times during the term of this Agreement, while any principal of or interest on the Project Advance remains outstanding, and while any
Special Assessments remain to be paid. Any return of insurance premium or dividends based upon the Required Insurance Coverage shall be
due and payable solely to the Owner or its Lender pursuant to any agreements between the Owner and its Lender, unless such premium shall
have been paid by the Investor, in accordance with the distribution priority specified in Section 4.3.

 

		(l)	Each Disbursement Request Form presented to the Investor and the Program Administer, and the receipt of
the funds requested by the Disbursement Request Form, shall constitute an affirmation that the representations and warranties contained
in this Agreement remain true and correct as of the date of the Disbursement Request Form and the receipt of the funds requested by the
Disbursement Request Form.

 

		(m)	Each of the Property and the Project are, and at all times during the term of this Agreement, while any
principal of or interest on the Project Advance remain outstanding, and while any Special Assessments remain to be paid, used solely for
the commercial purposes disclosed by the Owner to the Investor in writing.

 

		(n)	The Project and the plans and specifications for the Project have been developed pursuant to an energy
analysis prepared by the Investor, which energy analysis demonstrates that the Project is expected to generate annual energy savings.

 

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		(o)	Each of the components of the Project is a qualified “special energy improvement project”
pursuant to the definition of that term in Ohio Revised Code Section 1710.01(I).

 

		(p)	At all times during the term of this Agreement, while any principal of or interest on the Project Advance
remain outstanding, and while any Special Assessments remain to be paid, the Owner shall comply in all respects with the Special Assessment
Act, and shall take any and all action necessary to remain in compliance with the Special Assessment Act.

 

Section 3.4.
The Owner’s Additional Agreements. The Owner agrees that:

 

		(a)	It shall not transfer or convey any right, title, or interest, in or to the Property and the Project,
except after giving prompt notice of any such transfer or conveyance to the Investor; provided, however, that the foregoing restrictions
shall not apply to the grant or conveyance of any leasehold interests, mortgage interest, or lien interest, except as may be otherwise
provided in this Agreement. Before or simultaneous with any such transfer or conveyance, the Owner shall (i) execute, cause the transferee
or purchaser to execute, and deliver to the Investor, the City, and the ESID a fully executed “Assignment and Assumption of Energy
Project Cooperative Agreement” in the form attached to, and incorporated into, this Agreement as Exhibit H; (ii) execute,
cause the transferee or purchaser to execute, and deliver to the Investor, an assignment of all construction contracts related to the
Project, and (iii) pay all legal fees and expenses of PACE Counsel associated with legal services performed to facilitate such assignment
upon receipt of an invoice from PACE Counsel. The Parties acknowledge and agree that the Assignment and Assumption of Energy Project Cooperative
Agreement includes the assignment and assumption of the Owner Consent.

 

		(b)	It shall pay when due all taxes, assessments, service payments in lieu of taxes, levies, claims and charges
of any kind whatsoever that may at any time be lawfully assessed or levied against or with respect to the Property, all utility and other
charges incurred in the operation, maintenance, use, occupancy and upkeep of the Property and all assessments and charges lawfully made
by any governmental body for public improvements that may be secured by a lien on any portion of the Property. The Owner shall furnish
the Investor, upon reasonable request, with proof of payment of any taxes, governmental charges, utility charges, insurance premiums or
other charges required to be paid by the Owner under this Agreement. The Parties acknowledge and agree that the foregoing obligation is
in addition to the Owner’s obligation to pay the Special Assessments.

 

		(c)	It shall not, without the prior written consent of the Investor, cause or agree to the imposition of any
special assessments, other than the Special Assessments, on the Property for the purpose of paying the costs of “special energy
improvement projects,” as that term is defined in Ohio Revised Code Section 1710.01(I), as amended and in effect at the time.

 

		(d)	It shall promptly pay and discharge all undisputed claims for labor performed and material and services
furnished in connection with the acquisition, installation, equipment, and improvement of the Project.

 

		(e)	Once annually until the Completion Date, the chief financial officer of the Owner shall provide the Investor
with a certificate setting forth all sources and uses of funds with respect to the Project.

 

		(f)	It promptly shall notify the Investor of any material damage or destruction to the Project or the Property.

 

		(g)	Upon the reasonable request of the Investor, it shall take any actions and execute any further certificates,
instruments, agreements, or documents as shall be reasonably necessary in connection with the performance of this Agreement and with the
transactions, obligations, and undertakings contained in this Agreement.

 

		(h)	It shall not cause the Property to be subdivided, platted, or otherwise separated into any additional
parcels in the records of the County Auditor.

 

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		(i)	It does not and will not engage in operations that involve the generation, manufacture, refining, transportation,
treatment, storage or handling of hazardous materials or hazardous wastes, as defined in applicable state law, or any other federal, state
or local environmental laws or regulations, and neither the Property nor any other of its premises has been so used previously, in each
case, except as previously disclosed in writing to the Investor. Notwithstanding the foregoing, Owner may use commercially acceptable
and lawful hazardous materials and substances used in connection with the ownership and operation of seniors and residential housing and
care communities. There are no underground storage tanks located on the Property. There is no past or present non-compliance with environmental
laws, or with permits issued pursuant thereto, in connection with the Property, which has not been fully remediated in accordance with
environmental laws. There is no environmental remediation required (or anticipated to be required) with respect to the Property. The Owner
does not know of, and has not received, any written or oral notice or other communication from any person (including but not limited to
a governmental entity) relating to hazardous substances or remediation of hazardous substances, of possible liability of any person pursuant
to any environmental law, other environmental conditions in connection with the Property, or any actual or potential administrative or
judicial proceedings in connection with the foregoing.

 

Article
IV: PROJECT ADVANCE; CONSTRUCTION OF PROJECT; REPAYMENT

 

Section 4.1.
Project Advance. The Investor has made available to the Owner the Project Advance in the amount of $8,250,966.00 of which
$7,500,000.00 will be net funded into the Project Account (as defined below) for disbursement pursuant to Section 4.2, closing costs in
the amount of $278,128.00 will be disbursed by the Investor in accordance with Section 4.2 and Exhibit E, and capitalized
interest in the amount of $472,838.00 will be retained for the account of the Investor for further payment to itself and the EISD in accordance
with this Agreement. The Disbursing Agent shall hold the Project Advance in a segregated account established in the custody of the Investor,
which account shall be referred to as the “Project Account.” Subject to the terms and conditions of this Agreement, the Disbursing
Agent, upon the direction of the Owner, shall cause the Disbursing Agent to disburse amounts on deposit in the Project Account to the
Owner or to such parties as may be named by the Owner in order to pay the costs of the Project.

 

 

If the Project Advance net
funded to the Owner is insufficient to pay the costs of the Project pursuant to this Agreement, the Owner, nevertheless, shall complete
the acquisition, installation, equipment, and improvement of its Project, and the Owner shall pay all such additional costs of its Project
from its own funds. The Owner shall not be entitled to reimbursement for any such additional costs of its Project, nor shall it be entitled
to any abatement, diminution, or postponement of the Special Assessments.

 

Section 4.2.
Disbursements. In order to cause disbursement of amounts on deposit in the Project Account to pay or reimburse the costs
of the Project, the Owner shall submit Disbursement Request Forms (a form of which is attached to this Agreement as Exhibit C)
to the Investor, and deliver a copy to each Disbursement Request Form to the ESID’s program administrator (the “Program Administrator.”)
Each Disbursement Request Form shall, in part, set forth the payments or reimbursements requested, and shall be accompanied by invoices
or other appropriate documentation supporting the payments or reimbursements requested. In addition, the following shall occur:

 

		(a)	With each Disbursement Request Form:

 

		(i)	The Owner shall deliver to the Investor proof that each project milestone has occurred;

		(ii)	The Owner shall deliver to the Investor copies of all related receipts and invoices;

		(iii)	The Owner shall deliver to the Investor signed lien waivers in the form attached to the Disbursement Request
Form as Schedule 2;

		(iv)	The Owner shall deliver to the Disbursing Agent, on behalf of the Investor, as necessary, bank information
for wiring the amounts requested for disbursement;

		(v)	The Investor shall have received copies of all other disbursement requests for disbursements of other
sources of funds, including from the loan from the Owner’s Lender, that have been submitted on or prior to the date on which the
related Disbursement Request is submitted, and all such disbursement requests shall have been validly approved in accordance with the
Lender Loan Documents; and

		(vi)	All of the conditions to disbursement under the Disbursing Agreement shall have been satisfied.

 

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		(b)	With the first Disbursement Request Form submitted, in addition to the documents required under Section
4.2(a):

 

		(i)	The Owner shall deliver to the Investor copies of all construction permits required for the construction
of the Project;

		(ii)	The Owner shall deliver to the Investor copies of all agreements with the general contractor performing
work or furnishing materials for the Project;

		(iii)	The Owner shall deliver to the Investor a construction schedule completed by the general contractor for
the Project, which includes an anticipated date of completion of the Project; and

		(iv)	The Owner shall deliver to the Investor copies of all current policies of the Required Insurance Coverage;

		(v)	The construction plans and specifications shall have been approved in all respects by the Investor in
its reasonable discretion;

		(vi)	The budget shall have been approved by the Investor in its reasonable discretion;

		(vii)	The Owner shall deliver to the Investor the written consent of its existing mortgage lender to the levying,
assessment, and collection of the Special Assessments, in the form attached to this Agreement as Exhibit G;

		(viii)	The Owner shall provide to the Investor evidence acceptable to the Investor, in its reasonable discretion,
that the City Council and the ESID have approved the Project;

		(ix)	The Investor shall receive the executed Owner Consent and evidence that the same has been recorded in
the records of the Recorder of Stark County, Ohio with respect to the Property;

		(x)	The Owner and the ESID shall provide to the Investor original executed copies of this Agreement and any
related certificates;

		(xi)	The Owner shall provide to the Investor a list of authorized representatives on whose instructions and
directions the Investor may rely until such time as an updated list has been provided, as set forward in Exhibit I, attached
hereto.

 

		(c)	With the final Disbursement Request Form, in addition to the documents required under Section 4.2(a):

 

		(i)	The Owner shall deliver to the Investor the final lien waiver and release;

		(ii)	The Owner shall deliver to the Investor the executed certificate in the form attached as Exhibit
D to this Agreement; and

		(iii)	The Owner shall deliver to the Investor copies of all completion inspections and closed permits with respect
to the Project.

 

Upon its receipt of each completed
Disbursement Request Form, the Investor shall approve all or a portion of the payment or reimbursements requested to be disbursed from
the Project Account. To the extent the Investor approves the payment or reimbursements requested to be disbursed from the Project Account,
the Investor shall cause the Disbursing Agent to pay the Owner or such other parties as are indicated on the Disbursement Request Form
the amounts described on such Disbursement Request Form which have been approved by the Investor.

 

Additionally, on the Closing
Date, the Investor shall cause the Disbursing Agent to disburse to the ESID for closing costs related to the financing described in this
Agreement in an amount not to exceed $278,128.00, as detailed in Exhibit E to this Agreement. Without limiting the generality
of the foregoing, disbursements made pursuant to this paragraph may be for fees to the Investor, fees to the ESID, legal fees, fees to
the City, and other closing costs or contingencies.

 

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If at any time an Event of
Default has occurred and is continuing under this Agreement, the Investor may withhold approval of any requests for disbursement until
the Event of Default is cured and its effects are removed.

 

Notwithstanding the foregoing,
upon the Investor’s receipt from the Owner’s Lender of notice of a default under the Lender Loan Documents beyond the expiration
of any applicable notice and cure period, the Owner shall forfeit all rights under this Agreement to the Lender (including, without limitation,
any rights to disbursements), and the Lender shall be entitled to all of the rights of the Owner under this Agreement. So long as the
Owner’s Lender has cured (or caused the cure of) any Event of Default under this Agreement, or, if any Event of Default is not curable
by the Lender, the Lender has agreed to complete construction of the Project notwithstanding the Event of Default under this Agreement,
then disbursements shall be made available to the Lender in accordance with this Agreement and the Disbursing Agreement. In such event,
the Owner hereby irrevocably makes, constitutes, and appoints the Owner’s Lender as the Owner’s true and lawful attorney and
agent-in-fact to execute all documents and other agreements and instruments and do such other acts and things as may be necessary to preserve
and perfect its interests and rights under this Agreement. The Owner acknowledges and agrees that its appointment of the Lender as its
attorney and agent-in-fact for the purposes specified in this Section is an appointment coupled with an interest and shall be irrevocable
until all of the obligations under the Lender Loan Documents are satisfied. Nothing contained in this Section shall obligate the Lender
to perform any obligations on behalf of the Owner (including, without limitation, the obligation to complete the Project).

 

Section 4.3.
Casualties and Takings. The Owner shall promptly notify the Investor if the Project is damaged or destroyed by fire, casualty,
injury or any other cause (each such occurrence, a “Casualty”). Upon the occurrence of such Casualty, the Owner’s Lender,
if any, may elect, in accordance with the provisions of the applicable loan documents between the Owner and Owner's Lender, to restore
the Property and the Project or to terminate the construction of the Project, and in either case, to direct the application of the insurance
proceeds pursuant to the terms of Owner’s Lender’s agreement with the Owner, provided that if the insurance proceeds are not
used to restore the Property and the Project, insurance proceeds will be distributed to the Owner’s Lender and to the Investor in
accordance with their insured interests, and any excess proceeds will be paid to the Owner.

 

Upon the occurrence of a Casualty,
if no Person is a Lender at the time of such Casualty, the insurance proceeds shall be applied to pay the costs of the restoration of
the Project or to the repayment of the outstanding balance of the Special Assessments, and in which case the Investor shall remain obligated
to cause the Disbursing Agent to make disbursements of up to the total amount of the Project Advance in accordance with this Agreement.

 

In the event restoration of
the Project or the Property is pursued, the Owner shall immediately proceed with the restoration of the Project in accordance with the
plans and specifications. If, in the Investor’s reasonable judgment, said insurance proceeds are insufficient to complete the restoration,
the Owner shall deposit with the Disbursing Agent such amounts as are necessary, in the Investor’s reasonable judgment, to complete
the restoration in accordance with the plans and specifications.

 

In the event any part of the
Property or the Project shall be taken for public purposes by condemnation as a result of any action or proceeding in eminent domain,
or shall be transferred in lieu of condemnation to any authority entitled to exercise the power of eminent domain (a “Taking”),
the Owner’s Lender, if any, may elect, in accordance with the provisions of the applicable loan documents between Owner and Owner's
Lender, not to restore the Property or the Project or to restore the Property or the Project, and in either case, to direct the application
of the proceeds of the Taking pursuant to the terms of its agreements with the Owner, provided that if the Takings proceeds are not used
to restore the Property and the Project, Takings proceeds will be distributed to Owner’s and to the Investor in accordance with
their insured interests, and any excess Takings proceeds will be paid to the Owner. If the Lender determines not to restore the Property
or the Project and release funds related thereto to the Owner, the Investor’s obligation to cause the Disbursing Agent to make disbursements
under this Agreement shall be terminated. If the Lender determines to restore the Property and the Project, the Owner shall immediately
proceed with the restoration of the Project in accordance with the plans and specifications. If, in the Investor’s reasonable judgment,
the Taking proceeds available to the Owner and the Investor are insufficient to complete the restoration, the Owner shall deposit with
the Disbursing Agent such amounts as are necessary, in the Investor’s reasonable judgment, to complete the restoration in accordance
with the plans and specifications.

 

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In the event that no Person
is a Lender at the time of such Taking, the Investor’s obligation to cause the Disbursing Agent to make disbursements under this
Agreement shall be terminated unless the Property and the Project can be replaced and restored in a manner which will enable the Project
to be functionally and economically utilized and occupied as originally intended. If the Property and the Project can be so restored,
the Owner shall immediately proceed with the restoration of the Project in accordance with the plans and specifications, and the Investor
shall cause the Disbursing Agent to release the funds for such purpose. If, in the Investor’s reasonable judgment, the Taking proceeds
available to the Owner and the Investor are insufficient to complete the restoration, the Owner shall deposit with the Disbursing Agent
such amounts as are necessary, in the Investor’s reasonable judgment, to complete the restoration in accordance with the plans and
specifications.

 

Section 4.4.
Eligible Costs. The costs of the Project which are eligible for payment or reimbursement pursuant to this Agreement include
the following:

 

 

		(a)	costs incurred directly or indirectly for or in connection with the acquisition, installation, equipment,
and improvement of the Project, including without limitation, costs incurred in respect of the Project for preliminary planning and studies;
architectural, legal, engineering, surveying, accounting, consulting, supervisory and other services; labor, services and materials; and
recording of documents and title work;

 

		(b)	financial, legal, recording, title, accounting, and printing and engraving fees, charges and expenses,
and all other fees, charges and expenses incurred in connection with the financing described in this Agreement;

 

		(c)	premiums attributable to any surety and payment and performance bonds and insurance required to be taken
out and maintained until the date on which each Project is final and complete;

 

		(d)	taxes, assessments and other governmental charges in respect of the Project that may become due and payable
until the date on which each Project is final and complete;

 

		(e)	costs, including, without limitation, attorney’s fees, incurred directly or indirectly in seeking
to enforce any remedy against any contractor or subcontractor in respect of any actual or claimed default under any contract relating
to the Project; and

 

		(f)	any other incidental or necessary costs, expenses, fees and charges properly chargeable to the cost of
the acquisition, installation, equipment, and improvement of the Project.

 

Section 4.5.
Completion of Project; Inspection. The Owner (a) in accordance with the approved plans and specifications for the Project,
which plans and specifications shall not be materially revised without the prior written approval of the Investor, which approval shall
not be unreasonably withheld, shall acquire, install, equip, and improve its Project with Project Advance with all commercially reasonable
dispatch, (b) subject to its right to contest any disputed work, shall pay when due all fees, costs and expenses incurred or payable by
the Owner in connection with that acquisition, installation, equipment, and improvement from funds made available therefor in accordance
with this Agreement or otherwise, and (c) shall ask, demand, sue for, levy, recover and receive all those sums of money, debts and other
demands whatsoever which may be due, owing and payable to the Owner under the terms of any contract, order, receipt, writing or instruction
in connection with the acquisition, installation, equipment, and improvement of the Project, and shall utilize commercially reasonable
efforts to enforce the provisions of any contract, agreement, obligation, bond or other performance security with respect thereto. It
is understood that the Project is to be owned by the Owner and any contracts made by the Owner with respect to the Project or any work
to be done by the Owner on or with respect to the Project are made or done by the Owner on its own behalf and not as agent or contractor
for the ESID.

 

During the period of acquisition,
installation, equipment, and improvement of the Project, the ESID and the Investor, and their respective agents, subject to reasonable
security and safety regulations, and upon reasonable prior notice, shall have the right, during normal business hours, to inspect the
Project. The ESID and the Investor and their respective agents shall utilize commercially reasonable efforts to minimize interference
with the tenants of the Property during any such inspection.

 

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The Investor reserves the
right to deny the request for a Project Advance pursuant to Article IV of this Agreement if such inspection reveals that construction
is not proceeding with Reasonable Dispatch. If, in the Investor’s opinion, after 30 days’ written notice to the Owner, the
construction is not proceeding with Reasonable Dispatch, the Investor may (i) request that the Owner remove and replace the general contractor
with a general contractor acceptable to the Investor, the failure of which by the Owner shall be a default under this Agreement, (ii)
utilize funds to continue construction of the Project and such funds shall be considered Project Advances, or (iii) deny any Project Advance
until such time as the construction resumes proceeding with Reasonable Dispatch.

 

The Owner shall notify the
ESID, the City, and the Investor of the Completion Date by a certificate in the form attached as Exhibit D to this Agreement,
signed by the Owner stating: (a) the date on which the acquisition, installation, equipment, and improvement of the Project was substantially
completed by the general contractor for the Project in accordance with the construction contract, and the Owner has no unresolved complaints
regarding the work; (b) that the Project has been completed in all material respects in accordance with the plans and specifications,
permits, and budget for the Project approved by the Investor; (c) that the Owner has complied, and will continue to comply with all applicable
statutes, regulations, and resolutions or ordinances in connection with the Property and the construction of the Project; (d) that the
Owner holds fee ownership of the Property; (e) that the general contractor for the project has not offered the Owner any payment, refund,
or any commission in return for completing Project; and (f) that all funds provided to the Owner by the Investor for the Project have
been used in accordance with this Agreement. The certificate shall be delivered as promptly as practicable after the Completion Date.

 

Section 4.6.
Repayment. The Parties acknowledge that pursuant to this Agreement, the Project Advance is expected to be repaid by the
Special Assessments. The Parties agree that the Special Assessments have been levied and certified to the County Auditor in the amounts
necessary to amortize the Project Advance, together with interest at the annual rate of 6.05%, a $300.00 semi-annual servicing fee to
the Investor, and a $1,612.77 semi-annual administrative fee to the ESID over 50 semi-annual payments to be collected beginning approximately
on January 31, 2023 and continuing through approximately July 31, 2047. The Parties further acknowledge that in addition to the amount
of the Special Assessments and other related interest, fees, and penalties, the County Auditor may charge and collect a County Auditor
collection fee on each annual installment of the Special Assessments in an amount to be calculated, charged, and collected by the County
Auditor pursuant to Ohio Revised Code Section 727.36, which fee is in addition to the amount of the Special Assessments and other related
interest, fees, and penalties. Interest shall accrue on the entire amount of the Project Advance from the Closing Date; provided, however,
that a portion of the Project Advance may be used to pay interest accruing and due and payable on the Project Advance prior to the date
on which the first installment of the Special Assessments is paid to the Investor by the City. The Owner agrees to pay, as and when due,
all Special Assessments with respect to its Property. The Parties acknowledge and agree that, pursuant to the laws of the State, the Special
Assessments to be collected by the County Treasurer which as of the relevant date are not yet due and payable never shall be accelerated,
and the lien of the Special Assessments never shall exceed the amount of Special Assessments which, as of the relevant date, are due and
payable but remain unpaid.

 

Section 4.7.
Prepayment. At any time prior to the fifth anniversary of the Closing Date, the Owner may prepay all or a portion of the
principal of the Project Advance to the Investor by paying, in immediately available funds, 103% of the principal amount of the Project
Advance to be prepaid, together with all accrued and unpaid interest on the Project Advance to the date of prepayment. At any time after
the sixth anniversary and prior to the tenth anniversary of the Closing Date, the Owner may prepay all or a portion of the principal of
the Project Advance to the Investor by paying, in immediately available funds, 102% of the principal amount of the Project Advance to
be prepaid, together with all accrued and unpaid interest on the Project Advance to the date of prepayment. At any time after the eleventh
anniversary and prior to the fifteenth anniversary of the Closing Date, the Owner may prepay all or a portion of the principal of the
Project Advance to the Investor by paying, in immediately available funds, 101% of the principal amount of the Project Advance to be prepaid,
together with all accrued and unpaid interest on the Project Advance to the date of prepayment. At any time after the fifteenth anniversary
of the Closing Date, the Owner may prepay all or a portion of the principal of the Project Advance to the Investor by paying, in immediately
available funds, 100% of the principal amount of the Project Advance to be prepaid, together with all accrued and unpaid interest on the
Project Advance to the date of prepayment.

 

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Immediately upon any prepayment
pursuant to this Section 4.7, the Investor shall notify the City of the prepayment, and the Owner, the Investor, and the City shall cooperate
to reduce the amount of Special Assessments to be collected by the County Auditor pursuant to Section 2.2(d) of this Agreement.

 

Section 4.8.
Payment of Fees and Expenses. If an Event of Default on the part of the Owner should occur under this Agreement such that
the ESID, the Investor, or the City should incur expenses, including attorneys’ fees, in connection with the enforcement of this
Agreement or the collection of sums due under this Agreement, the Owner shall reimburse the ESID, the Investor, and the City, as applicable,
for any reasonable out-of-pocket expenses so incurred upon demand. If any such expenses are not so reimbursed, the amount of such expenses,
together with interest on such amount from the date of demand for payment at an annual rate equal to the maximum rate allowable by law,
shall constitute indebtedness under this Agreement, and the ESID, the Investor, and the City, as applicable, shall be entitled to seek
the recovery of those expenses in such action except as limited by law or by judicial order or decision entered in such proceedings.

 

Section 4.9.
Further Assurances.Section 4.10. Upon the request of the Investor, the Owner shall take any actions and execute any further
documents as the Investor deems necessary or appropriate to carry out the purposes of this Agreement.

 

Article
V: EVENTS OF DEFAULT AND REMEDIES

 

Section 5.1.
Events of Default. If any of the following shall occur, such occurrence shall be an “Event of Default” under
this Agreement:

 

		(a)	The Owner shall fail to pay an installment of the Special Assessments when due, after taking into account
all applicable extensions;

 

		(b)	The City shall fail to transfer, or cause the transfer of, any of the Special Assessments to the Investor
within the time specified in this Agreement;

 

		(c)	Any Party is in material breach of its representations or warranties under this Agreement; provided, however,
that upon the material breach of a Party’s representations or warranties under this Agreement, such Party shall have the right to
cure such breach within five days of the receipt of notice, and, if so cured, such breach shall not constitute an Event of Default;

 

		(d)	The ESID, the Owner, or the City, shall fail to observe and perform any other agreement, term, or condition
contained in this Agreement, and the continuation of such failure for a period of 30 days after written notice of such failure shall have
been given to the ESID, the Owner, or the City, as applicable, by any other Party to this Agreement, or for such longer period to which
the notifying Party may agree in writing; provided, however, that if the failure is other than the payment of money, and is of such nature
that it can be corrected but not within the applicable period, that failure shall not constitute an Event of Default so long as the ESID,
an Owner, or the City, as applicable, institutes curative action within the applicable period and diligently pursues that action to completion;

 

		(e)	The Owner abandons its Property or its Project;

 

		(f)	The Owner commits waste upon its Property or its Project;

 

		(g)	The Owner becomes bankrupt or insolvent or files or has filed against it (and such action is not stayed
or dismissed within 90 days) a petition in bankruptcy or for reorganization or arrangement or other relief under the bankruptcy laws or
any similar state law or makes a general assignment for the benefit of creditors; or

 

		(h)	Any workmanship or materials constituting a portion of the Project or incorporated into the Project shall
be materially defective and shall not be corrected within 30 days after notice.

 

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The declaration of an Event
of Default above, and the exercise of remedies upon any such declaration, shall be subject to any applicable limitations of federal bankruptcy
law affecting or precluding that declaration or exercise during the pendency of or immediately following any bankruptcy, liquidation or
reorganization proceedings.

 

Promptly upon any non-defaulting
Party becoming aware that an Event of Default has occurred, such Party shall deliver notice of such Event of Default to each other Party
under this Agreement in accordance with the notice procedures described in Section 6.5 of this Agreement.

 

Section 5.2.
Remedies on Default. Whenever an Event of Default shall have happened and be subsisting, any one or more of the following
remedial steps may be taken:

 

		(a)	Upon an Event of Default described in Section 5.1(a) only, the Investor shall become entitled to receive
any Delinquency Amounts actually received by the City.

 

		(b)	The ESID, the Investor, and the City, together or separately, may pursue all remedies now or later existing
at law or in equity to collect all amounts due and to become due under this Agreement or to enforce the performance and observance of
any other obligation or agreement of any of the Parties, as applicable, under this Agreement, including enforcement under Ohio Revised
Code Chapter 2731 of duties resulting from an office, trust, or station upon the ESID or the City, provided that, Parties may only pursue
such remedies against the Party responsible for the particular Event of Default in question; provided, however, that the ESID, the Investor,
and the City may not take any other action or exercise any remedy against the Property, the Project, or the Owner except to collect or
remedy any outstanding damages or liability which shall have arisen due to the occurrence of an Event of Default.

 

		(c)	Any Party may pursue any other remedy which it may have, whether at law, in equity, or otherwise, provided
that, Parties may only pursue such remedies against the Party responsible for the particular Event of Default in question; provided, however,
that the ESID, the Investor, and the City may not take any other action or exercise any remedy against the Property, the Project, or the
Owner except to collect or remedy any outstanding damages or liability which shall have arisen due to the occurrence of an Event of Default.

 

Notwithstanding the foregoing, each of the ESID
and the City shall not be obligated to take any step which in its opinion will or might cause it to expend time or money or otherwise
incur liability unless and until a satisfactory indemnity bond has been furnished to it at no cost or expense.

 

Section 5.3.
No Remedy Exclusive. No remedy conferred upon or reserved to the Parties by this Agreement is intended to be exclusive of
any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy
given under this Agreement, or now or later existing at law, in equity or by statute; provided, however, that the ESID, the Investor,
and the City may not take any other action or exercise any remedy against the Property, the Project, or the Owner except to collect or
remedy any outstanding damages or liability which shall have arisen due to the occurrence of an Event of Default. No delay or omission
to exercise any right or power accruing upon any default shall impair that right or power nor shall be construed to be a waiver, but any
such right and power may be exercised from time to time and as often as may be deemed expedient. In order to entitle the Parties to exercise
any remedy reserved to it in this Article, it shall not be necessary to give any notice, other than any notice required by law or for
which express provision is made in this Agreement.

 

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Section 5.4.
No Waiver. No failure by a Party to insist upon the strict performance by the other Parties of any provision of this Agreement
shall constitute a waiver of such Party’s right to strict performance; and no express waiver shall be deemed to apply to any other
existing or subsequent right to remedy the failure by the Parties to observe or comply with any provision of this Agreement.

 

Section 5.5.
Notice of Default. Any Party to this Agreement shall notify every other Party to this Agreement immediately if it becomes
aware of the occurrence of any Event of Default or of any fact, condition or event which, with the giving of notice or passage of time
or both, would become an Event of Default.

 

Section 5.6.
Right of Senior Lender to Cure Events of Default. This paragraph is effective for so long as the Senior Loan Documents remain
in effect and the Senior Mortgage remains of record. Notwithstanding anything contained in this Agreement to the contrary, if an Event
of Default occurs, then the Investor shall provide the Senior Lender with a copy of any written notice of the Event of Default sent to
the Owner contemporaneously with the giving of such notice to the Owner, and if such default is curable, shall permit the Senior Lender
the option (but not the obligation) to cure the default within the time period, if any, specified for cure under this Agreement; provided,
however that the Senior Lender shall have 30 additional days beyond the time period, if any, specified for cure in this Agreement within
which to effect a cure of such default, or if such default cannot reasonably be cured by the Lender within such 30 day period, such additional
time as the Senior Lender reasonably requires provided that the Senior Lender has commenced efforts to cure such default and is diligently
pursuing such cure, and provided further that such additional time shall not be longer than 90 days.

 

Article
VI: MISCELLANEOUS

 

Section 6.1.
Owner Waivers. The Owner acknowledges that the process for the imposition of special assessments provides the owner of property
subject to such special assessments with certain rights, including rights to: receive notices of proceedings; object to the imposition
of the special assessments; claim damages; participate in hearings; take appeals from proceedings imposing special assessments; participate
in and prosecute court proceedings, as well as other rights under law, including but not limited to those provided for or specified in
the United States Constitution, the Ohio Constitution, Ohio Revised Code Chapter 727 and the resolutions or ordinances in effect in the
City (collectively, “Assessment Rights”). The Owner irrevocably waives all Assessment Rights as to its Project and consents
to the imposition of the Special Assessments as to its Project immediately or at such time as the ESID determines to be appropriate, and
the Owner expressly requests the entities involved with the special assessment process to promptly proceed with the imposition of the
Special Assessments upon its Property as to its Project. The Owner further waives in connection with the Project: any and all questions
as to the constitutionality of the laws under which the Project will be constructed and the Special Assessments imposed upon the Property;
the jurisdiction of the Council of the City acting thereunder; and the right to file a claim for damages as provided in Ohio Revised Code
Section 727.18 and any similar provision of the resolutions or ordinances in effect within the City.

 

 

Section 6.3. Term of
Agreement. This Agreement shall be and remain in full force and effect from the Closing Date until the payment in full of the entire
aggregate amount of the Special Assessments shall have been made to the Investor, or such time as the Parties shall agree in writing to
terminate this Agreement. Any attempted termination of this Agreement prior to the payment in full of the entire aggregate amount of the
Special Assessments which is not in writing and signed by each of the Parties to this Agreement shall be null and void.

 

    18

     

    

 

Section 6.4.
Litigation Notice. Each Party shall give all other Parties prompt notice of any action, suit, or proceeding by or against
the notifying Party, at law or in equity, or before any governmental instrumentality or agency, of which the notifying Party has notice
and which, if adversely determined would impair materially the right or ability of the Parties to perform their obligations under this
Agreement. The notifying Party’s prompt notice shall be accompanied by its written statement setting forth the details of the action,
suit, or proceeding and any responsive actions with respect to the action, suit, or proceeding taken or proposed to be taken by the Party.

 

Section 6.5.
Indemnification. The Owner shall indemnify and hold harmless the ESID, the Investor, and the City (including any member,
officer, director, or employee thereof) (collectively, the “Indemnified Parties”) against any and all liabilities, obligations,
claims, damages, penalties, causes of action, costs and expenses (including, without limitation, reasonable attorneys’ fees and
expenses) imposed upon, incurred by or asserted against an Indemnified Party arising or resulting from (i) the levy and collection of
the Special Assessments, (ii) Owner’s financing, acquisition, construction, installation, operation, use or maintenance of the Project,
(iii) any act, failure to act or misrepresentation solely by the Owner in connection with, or in the performance of any obligation on
the Owner’s part to be performed under this Agreement or related to the Special Assessments resulting in material actual damages,
or (iv) (a) a past, present or future violation or alleged violation of any environmental laws in connection with the Property by any
person or other source, whether related or unrelated to the Owner, (b) any presence of any hazardous, toxic or harmful substances, materials,
wastes, pollutants or contaminants defined as such in or regulated under any environmental law (“Materials of Environmental Concern”)
in, on, within, above, under, near, affecting or emanating from the Property, (c) the failure to timely perform any investigation, inspection,
site monitoring, containment, clean–up, removal, response, corrective action, mitigation, restoration or other remedial work of
any kind or nature because of, or in connection with, the current or future presence, suspected presence, Release (as defined below) or
threatened Release in or about the air, soil, ground water, surface water or soil vapor at, on, about, under or within all or any portion
of the Property of any Materials of Environmental Concern, including any action to comply with any applicable environmental laws or directives
of any governmental authority with regard to any environmental laws, (d) any past, present or future activity by any person or other source,
whether related or unrelated to the Owner in connection with any actual, proposed or threatened use, treatment, storage, holding, existence,
disposition or other release, generation, production, manufacturing, processing, refining, control, management, abatement, removal, handling,
transfer or transportation to or from the Property of any Materials of Environmental Concern at any time located in, under, on, above
or affecting the Property, (e) any past, present or future actual generation, treatment, use, storage, transportation, manufacture, refinement,
handling, production, removal, remediation, disposal, presence or migration of Materials of Environmental Concern on, about, under or
within all or any portion of the Property (a “Release”) (whether intentional or unintentional, direct or indirect, foreseeable
or unforeseeable) to, from, on, within, in, under, near or affecting the Property by any person or other source, whether related or unrelated
to the Owner, (f) the imposition, recording or filing or the threatened imposition, recording or filing of any lien on the Property with
regard to, or as a result of, any Materials of Environmental Concern or pursuant to any environmental law, or (g) any misrepresentation
or failure to perform any obligations related to environmental matters in any way pursuant to any documents related to the Special Assessments.

 

In the event any action or
proceeding is brought against any Indemnified Party by reason of any such claim, such Indemnified Party will promptly give written notice
thereof to the Owner. The Owner shall be entitled to participate at its own expense in the defense or, if it so elects, to assume at its
own expense the defense of such claim, suit, action or proceeding, in which event such defense shall be conducted by counsel chosen by
the Owner; but if the Owner shall elect not to assume such defense, it shall reimburse such Indemnified Party for the reasonable fees
and expenses of any counsel retained by such Indemnified Party. If at any time the Indemnified Party becomes dissatisfied, in its reasonable
discretion, with the selection of counsel by the Owner, a new mutually agreeable counsel shall be retained at the expense of the Owner.
Each Indemnified Party agrees that the Owner shall have the sole right to compromise, settle or conclude any claim, suit, action or proceeding
against any of the Indemnified Parties. Notwithstanding the foregoing, each Indemnified Party shall have the right to employ counsel in
any such action at their own expense; and provided further that such Indemnified Party shall have the right to employ counsel in any such
action and the fees and expenses of such counsel shall be at the expense of the Owner, if: (i) the employment of counsel by such Indemnified
Party has been authorized by the Owner, (ii) there reasonably appears that there is a conflict of interest between the Owner and the Indemnified
Party in the conduct of the defense of such action (in which case the Owner shall not have the right to direct the defense of such action
on behalf of the Indemnified Party) or (iii) the Owner shall not in fact have employed counsel to assume the defense of such action. The
Owner shall also indemnify the Indemnified Parties from and against all costs and expenses, including reasonable attorneys’ fees,
lawfully incurred in enforcing any obligations of the Owner under this Agreement. The obligations of the Owner under this Section shall
survive the termination of this Agreement and shall be in addition to any other rights, including without limitation, rights to indemnity
which any Indemnified Party may have at law, in equity, by contract or otherwise.

 

    19

     

    

 

None of the Investor, the
City, or the ESID shall have any liability to the Owner or any other Person on account of (i) the Owner engaging a contractor from the
list of contractors submitted by the ESID or the Investor to the Owner, (ii) the services performed by the contractor, or (iii) any neglect
or failure on the part of the contractor to perform or properly perform its services.  None of the Investor, the City, or the ESID
assumes any obligation to the Owner or any other Person concerning contractors, the quality of construction of the Project or the absence
of defects from the construction of the Project. The making of a Project Advance by the Investor shall not constitute the Investor’s
approval or acceptance of the construction theretofore completed.  The Investor’s inspection and approval of the budget, the
construction work, the improvements, or the workmanship and materials used in the improvements, shall impose no liability of any kind
on the Investor, the sole obligation of the Investor as the result of such inspection and approval being to make the Project Advances
if, and to the extent, required by this Agreement.  Any disbursement made by the Investor without the Investor having received each
of the items to which it is entitled under this Agreement shall not constitute breach or modification of this Agreement, nor shall any
written amendment to this Agreement be required as a result.

 

Section 6.6.
Notices. All notices, certificates, requests or other communications under this Agreement shall be in writing and shall
be deemed to be sufficiently given when mailed by registered or certified mail, postage prepaid, and addressed to the appropriate Notice
Address. The Parties, by notice given under this Agreement to the others, may designate any further or different addresses to which subsequent
notices, certificates, requests or other communications shall be sent.

 

Section 6.7.
Extent of Covenants; No Personal Liability. All covenants, obligations, and agreements of the ESID and the City contained
in this Agreement shall be effective to the extent authorized and permitted by applicable law. No covenant, obligation, or agreement shall
be deemed to be a covenant, obligation, or agreement of any present or future member, officer, agent, or employee of the ESID, the Board,
the Owner, the City, the City Council, or the Investor in other than his or her official capacity; and none of the members of the Board
or the City Council, nor any official of the ESID, the Owner, the City, or the Investor executing this Agreement shall be liable personally
on this Agreement or be subject to any personal liability or accountability by reason of the covenants, obligations, or agreements of
the ESID, the Owner, the City, or the Investor contained in this Agreement.

 

Section 6.8.
Binding Effect; Assignment; Estoppel Certificates. This Agreement shall inure to the benefit of and shall be binding in
accordance with its terms upon the Parties. Except as specifically provided below, this Agreement shall not be assigned by the any of
the Parties except as may be necessary to enforce or secure payment of the Special Assessments.

 

Notwithstanding anything in
this Agreement to the contrary, the Owner freely may sell the Property and the Project or any portion of the Property and the Project
from time to time and may assign this Agreement to an arms-length, good faith purchaser of the Property but only after notice of such
assignment is given to the Investor, and only upon (i) the execution and delivery to the City, the Investor, and the ESID of an “Assignment
and Assumption of Energy Project Cooperative Agreement” in the form attached to, and incorporated into, this Agreement as Exhibit
H; (ii) the execution and delivery to the Investor of an assignment of all construction contracts for the Project, and (iii) the
payment by Owner of all legal fees and expenses of PACE Counsel associated with legal services performed to facilitate such assignment
upon receipt of an invoice from PACE Counsel. The Parties acknowledge and agree that the Assignment and Assumption of Energy Project Cooperative
Agreement includes the assignment and assumption of the Owner Consent. Following any assignment by the Owner as described above, all obligations
of the Owner contained in this Agreement and the Owner Consent shall be obligations of the assignee, and the assigning Owner shall be
released of its obligations to a corresponding extent.

 

    20

     

    

 

Notwithstanding anything in
this Agreement to the contrary, the Investor shall have the unrestricted right at any time or from time to time, and without the Owner’s
consent, to assign all or any portion of its rights and obligations under this Agreement, and may sell or assign any and all liens received
directly or indirectly from the City to any Person (each, an “Investor Assignee”), and the Owner agrees that it shall execute,
or cause to be executed, such documents, including without limitation, amendments to this Agreement and to any other documents, instruments
and agreements executed in connection with this Agreement as the Investor shall deem necessary to effect the foregoing so long as such
amendment does not materially adversely impact the Owner’s rights and obligations under this Agreement. Any Investor Assignee shall
be a party to this Agreement and shall have all of the rights and obligations of the Investor under this Agreement (and under any and
all other guaranties, documents, instruments and agreements executed in connection with this Agreement) to the extent that such rights
and obligations have been assigned by the Investor pursuant to the assignment documentation between the Investor and such Investor Assignee,
and the Investor shall be released from its obligations under this Agreement and under any and all other guaranties, documents, instruments
and agreements executed in connection with this Agreement to a corresponding extent. If, at any time, the Investor assigns any of the
rights and obligations of the Investor under this Agreement (and under any and all other guaranties, documents, instruments and agreements
executed in connection with this Agreement) to an Investor Assignee, the Investor shall (i) give prompt notice of such assignment to the
other Parties and (ii) pay all legal fees and expenses of PACE Counsel associated with legal services performed to facilitate such assignment
upon receipt of an invoice from PACE Counsel.

 

In addition, the Investor
shall have the unrestricted right at any time and from time to time, and without the consent of or notice of the Owner, to grant to one
or more Persons (each, a “Participant”) participating interests in Investor’s obligation to make Project Advances under
this Agreement or to any or all of the loans held by Investor under this Agreement. In the event of any such grant by the Investor of
a participating interest to a Participant, whether or not upon notice to the Owner, the Investor shall remain responsible for the performance
of its obligations under this Agreement, and the Owner shall continue to deal solely and directly with the Investor in connection with
the Investor’s rights and obligations under this Agreement. The Owner agrees that the Investor may furnish any information concerning
the Owner in its possession from time to time to prospective Investor Assignees and Participants.

 

This Agreement may be enforced
only by the Parties, their permitted assignees, and others, who may, by law, stand in their respective places.

 

Any Party shall at any time
and from time to time, upon not less than 30 days’ prior written notice by the other party, execute, acknowledge and deliver to
such party a statement in writing certifying that: (i) this Agreement is unmodified and in full force and effect (or, if there has been
any modification of this Agreement, that the same is in full force and effect as modified and stating the modification or modifications);
(ii) to the best of such Party’s actual knowledge (without any duty of inquiry) there are no continuing Events of Default (or, if
there is a continuing Event of Default, stating the nature and extent of such Event of Default); (iii) that, to the best of such Party’s
actual knowledge (without any duty of inquiry) there are no outstanding damages or liability arising from an Event of Default (or, if
there is any outstanding damages or liability, stating the nature and extent of such damages or liability); (iv) if such certificate is
being delivered by the Owner, the dates to which the Special Assessments have been paid; and (v) if such certificate is being delivered
by the Investor, the dates to which the Special Assessments have been paid to the Investor. It is expressly understood and agreed that
any such certificate delivered pursuant to this Section 6.7 may be relied upon by any prospective assignee of the Owner or any prospective
Investor Assignee.

 

    21

     

    

 

Section 6.9.
Amendments and Supplements. Except as otherwise expressly provided in this Agreement, this Agreement may not be amended,
changed, modified, altered or terminated except by unanimous written agreement signed by each of the Parties materially affected by such
proposed amendment, change, modification, alteration, or termination. For purposes of this Section, a materially affected Party is a Party
with respect to which a material right or obligation under this Agreement is proposed to be amended, changed, modified, altered, or terminated.
Any attempt to amend, change, modify, alter, or terminate this Agreement except by unanimous written agreement signed by all of the materially
affected Parties or as otherwise provided in this Agreement shall be void.

 

Section 6.10.
Execution Counterparts. This Agreement may be executed in counterpart and in any number of counterparts, each of which shall
be regarded as an original and all of which together shall constitute but one and the same instrument.

 

Section 6.11.
Severability. If any provision of this Agreement, or any covenant, obligation, or agreement contained in this Agreement
is determined by a court to be invalid or unenforceable, that determination shall not affect any other provision, covenant, obligation,
or agreement, each of which shall be construed and enforced as if the invalid or unenforceable portion were not contained in this Agreement.
That invalidity or unenforceability shall not affect any valid and enforceable application of the provision, covenant, obligation, or
agreement, and each such provision, covenant, obligation or agreement shall be deemed to be effective, operative, made, entered into,
or taken in the manner and to the full extent permitted by law.

 

Section 6.12. Governing
Law. This Agreement shall be deemed to be a contract made under the laws of the State and for all purposes shall be governed by and
construed in accordance with the laws of the State. 

 

[BALANCE OF PAGE INTENTIONALLY BLANK; SIGNATURES
ON NEXT PAGE.]

 

    22

     

    

 

IN
WITNESS WHEREOF, the Parties have each caused this Agreement to be duly executed in their respective names, all as of the Closing Date.

 

	 	Canton Regional Energy Special Improvement District, Inc., as the ESID
	 	 
	 	By:	 /s/ Anne Graffice
	 	Name:	Anne Graffice
	 	Title:	Chairperson

 

[Signature Page to Energy Project Cooperative Agreement]

 

     

     

    

 

	 	HOF VILLAGE CENTER FOR EXCELLENCE, LLC, as the Owner
	 	 
	 	By:	 /s/ Michael Crawford
	 	 	Michael Crawford, President and

 Chief Executive Officer

 

[Signature Page to Energy Project Cooperative Agreement]

 

     

     

    

 

	 	PACE EQUITY LLC, as the Investor
	 	 
	 	By:	/s/ Kevin P. Moyer
	 	Name:	Kevin P. Moyer
	 	Title:	Vice President

 

[Signature Page to Energy Project Cooperative Agreement]

 

     

     

    

 

	 	CITY OF CANTON, OHIO, as the City
	 	 
	 	By:	/s/ Thomas M. Bernabei
	 	Name:	Thomas M. Bernabei
	 	Title:	 Mayor

 

[Signature Page to Energy Project Cooperative Agreement]

 

     

     

    

 

CITY FISCAL OFFICER CERTIFICATE

 

The undersigned, Fiscal Officer
of the City of Canton, Ohio, hereby certifies that the moneys required to meet the obligations of the City during the year 2021 under
the foregoing Energy Project Cooperative Agreement have been lawfully appropriated by the City Council of the City of Canton, Ohio for
such purpose and are in the treasury of the City or in the process of collection to the credit of an appropriate fund, free from any previous
encumbrances. This Certificate is given in compliance with Ohio Revised Code Sections 5705.41 and 5705.44.

 

	 	/s/ 
	 	Fiscal Officer
	 	City of Canton, Ohio

 

Dated:December 8, 2021

 

	 	APPROVED AS TO FORM
	 	 
	 	/s/ Kristin Bates Aylward
	 	CANTON LAW DIRECTOR

 

[City Fiscal Officer Certificate—Energy Project Cooperative Agreement]

 

     

     

    

 

EXHIBIT A

 

DEFINITIONS

 

As used in this Agreement,
the following words have the following meanings:

 

“Agreement”
means this Energy Project Cooperative Agreement, dated as of December 15, 2021, by and between the ESID, the Owner, the Investor, and
the City, as the same may be amended, modified, or supplemented from time to time in accordance with its terms.

 

“Board”
means the Board of Directors of the ESID.

 

“City”
means the City of Canton, Ohio.

 

“City Council”
means the Council of the City of Canton, Ohio.

 

“Closing Date”
means the date set forth in the preamble of this Agreement.

 

“Completion Date”
means the latest date on which substantial completion of the Project, in accordance with the Plans occurs, which date shall be established
by the Completion Certificate attached to this Agreement as Exhibit D.

 

“County”
means the County of Stark, Ohio.

 

“County Auditor”
means the Auditor of the County.

 

“County Prosecutor”
means the Prosecuting Attorney of the County.

 

“County Treasurer”
means the Treasurer of the County.

 

“Delinquency Amount”
means any penalties or interest which may be due on or with respect to any installment of the Special Assessments and which are not paid
or taxable to any party other than the Investor under law.

 

“Disbursement Request
Form” means the form attached to this Agreement as Exhibit C, which form shall be submitted by the Owner in order
to receive disbursements from the Project Account.

 

“Disbursing Agent”
means Town Bank, a Wintrust Community Bank, in its capacity as “Escrow Agent” under the Escrow and Disbursement Agreement
dated as of December 15, 2021 by and among the Owner, the Investor, and PACE Equity Holdings Titling Trust.

 

“Disbursing Agreement”
means the Disbursement Agreement dated as of December 15, 2021 by and among the Owner and the Investor, as the same may be validly amended
or supplemented and in effect from time to time.

 

    A-1

     

    

 

“ESID”
means the Canton Regional Energy Special Improvement District, Inc., a nonprofit corporation and energy special improvement district organized
under the laws of the State of Ohio.

 

“Governmental Authority”
means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and
any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to government.

 

“Investor”
means PACE Equity LLC, a limited liability company duly organized and validly existing under the laws of the State of Wisconsin, together
with any Investor Assignee.

 

“Lender”
means any Person which has loaned money to the Owner to pay or refinance the costs of acquiring, financing, refinancing, or improving
the Property and which loan is secured by a mortgage interest in the Property, or any permitted successors or assigns of such Person,
including, initially, and without limitation, the Senior Lender.

 

“Lender Loan Documents”
means any loan agreement or loan agreements, mortgage or mortgages, and any other documents and instruments executed and delivered in
connection with the a loan from a Lender, as they may be amended, modified, and supplemented from time to time under their terms.

 

“Notice Address”
means:

 

	 	(a)	As to the City:	  City of Canton
	 	 	c/o Canton Law Director
	 	 	218 Cleveland Ave SW, 7th floor
	 	 	Canton, OH 44702
	 	 	 
	 	(b) 	As to the ESID:	Canton Regional Energy
	 	 	Special Improvement District
	 	 	218 Cleveland Ave. SW, 8th Floor
	 	 	Canton, OH 44702
	 	 	 
	 	 	With a Copy To:	Colin Kalvas
	 	 	Bricker & Eckler LLP
	 	 	100 South Third Street
	 	 	Columbus, Ohio 43215
	 	 	 
	 	(c)	As to the Owner	HOF Village Center for Excellence LLC
	 	 	2626 Fulton Drive, NW
	 	 	Canton, OH 44718
	 	 	Attention: Tara Charnes, General Counsel
	 	 	Email: tara.charnes@hofvillage.com
	 	 	 
	 	 	With a Copy To:	Nick Catanzarite, Esq.
	 	 	Walter | Haverfield LLP
	 	 	1301 East Ninth Street, Suite 3500
	 	 	Cleveland, OH 44114
	 	 	 
	 	(d) 	As to the Investor	PACE Equity LLC
	 	 	731 North Jackson, Suite 420
	 	 	Milwaukee, Wisconsin 53202
	 	 	Attention: Kevin Moyer

 

    A-2

     

    

 

“Ordinance Levying
Assessments” means any resolution or ordinance passed, enacted, or adopted by the City pursuant to Ohio Revised Code Section
727.25 with respect to levying special assessments on real property within the ESID.

 

“Ordinance to Proceed”
means any resolution or ordinance passed, enacted, or adopted by the City pursuant to Ohio Revised Code Section 727.23 with respect to
levying special assessments on real property within the ESID.

 

“Owner”
means HOF Village Center for Excellence, LLC, a limited liability company duly organized and validly existing under the laws of the State
of Ohio, and any permitted successors or assigns.

 

“Owner Consent”
means the Owner Consent dated as of December 15, 2021 by the Owner and recorded in the records of the Stark County Recorder with respect
to the Property.

 

“PACE Counsel”
means Bricker & Eckler LLP, an Ohio limited liability partnership.

 

“Parties”
means the ESID, the Owner, the Investor, and the City.

 

“Person”
or words importing persons mean firms, associations, partnerships (including without limitation, general and limited partnerships), limited
liability companies, joint ventures, societies, estates, trusts, corporations, public or governmental bodies, political subdivisions,
other legal entities, and natural persons.

 

“Plan”
means the Canton Regional Energy Special Improvement District Project Plan adopted by the City of Canton, Ohio by its Resolution No. 112/2020,
and any and all supplemental plans approved by the ESID and the City.

 

“Project”
means the special energy improvement project described in the Supplemental Plan with respect to the Property, for which Special Assessments
are to be levied by the City, all in accordance with the Supplemental Plan.

 

“Project Account”
means the segregated account in the custody of the Investor for the benefit of the Owner which contains the Project Advance, and out of
which disbursements may be made in accordance with Article IV of this Agreement.

 

    A-3

     

    

 

“Project Advance”
means the amount of immediately available funds to be transferred, set over, paid to, and held in the Project Account established pursuant
to Section 4.1 of this Agreement for the benefit of the Owner.

 

“Property”
means the fee simple and ground lessor interest in the real property subject to the Plan.

 

“Reasonable Dispatch”
means on a schedule that is no more than four months behind the estimated completion date of the Project.

 

“Repayment Schedule”
means the schedule attached to, and incorporated into, this Agreement as Exhibit B, which schedule establishes the dates
and amounts for the repayment of the Project Advance by the Special Assessments paid by the Owner.

 

“Required Builder’s
Risk Insurance Coverage” means at any time insurance coverage maintained with generally recognized, responsible insurance companies
qualified to do business in the State in the minimum amount of the full replacement value of the Project and Project Site, insuring the
Project against loss or damage during construction and containing loss deductible provisions not to exceed $100,000, which insurance coverage
shall name the Investor as lender loss payee.

 

“Required Business
Interruption Insurance Coverage” means at all times after the Completion Date, business interruption and rent loss insurance
maintained with generally recognized, responsible insurance companies qualified to do business in the State in a commercially reasonable
minimum amount, which insurance coverage shall name the Investor as lender loss payee.

 

“Required Flood Insurance
Coverage” means, as applicable, (i) if the Property or any part of the Property is identified by the United States Secretary
of Housing and Urban Development as being situated in an area now or subsequently designated as having special flood hazards (including,
without limitation, those areas designated as Zone A or Zone V), flood insurance in an amount equal to the lesser of: (a) the minimum
amount required, under the terms of coverage, to compensate for any damage or loss on a replacement basis (or the unpaid balance of the
Project Advances if replacement cost coverage is not available for the type of building insured); or (b) such lesser amount as may be
required by the Investor, and containing a loss deductible with respect not in excess of $10,000 per occurrence; and (ii) earthquake insurance
in amounts and in form and substance satisfactory to the Investor in the event the Property is located in an area with a high degree of
seismic activity, provided that the insurance pursuant to this section shall be on terms consistent with the Required Public Liability
Insurance Coverage.

 

“Required Insurance
Coverage” means, collectively, the Required Builder’s Risk Insurance Coverage, the Required Business Interruption Insurance
Coverage, the Required Flood Insurance Coverage (if any), the Required Property Insurance Coverage and the Required Public Liability Insurance
Coverage, each of which, in addition to the requirements described in their respective definitions, (i) must provide for 10 days’
notice to the Investor in the event of cancellation or nonrenewal and (ii) must name
as an additional insured (mortgagee/loss payee) the Investor.

 

    A-4

     

    

 

“Required Property
Insurance Coverage” means at any time insurance coverage evidenced on Acord 27 and maintained with generally recognized, responsible
insurance companies qualified to do business in the State in the amount of (i) the then full replacement value of the Project and Property,
insuring the Project against loss or damage by fire, windstorm, tornado and hail and extended coverage risks on a comprehensive all risk/special
form insurance policy and containing loss deductible provisions of not to exceed $10,000, which insurance coverage shall name the Investor
as loss payee/mortgagee.

 

“Required Public
Liability Insurance Coverage” means at any time commercial general accident and public liability insurance coverage evidenced
on Acord 25 and maintained with generally recognized, responsible insurance companies qualified to do business in the State with coverage
limits in the maximum amount of $2,000,000 per occurrence for death or bodily injury and property damage liability combined, with loss
deductible provisions of not to exceed $10,000, which insurance coverage shall name the Investor as additional insureds.

 

“Resolution of Necessity”
means any resolution or ordinance passed, enacted, or adopted by the City pursuant to Ohio Revised Code Section 727.12 with respect to
levying special assessments on real property within the ESID.

 

“Senior Lender”
means ErieBank, a division of CNB Bank.

 

“Senior Loan”
means the loan from Senior Lender to the Owner in the maximum aggregate principal amount of $22,040,000.

 

“Senior Loan Agreement”
means that certain Construction Loan Agreement between the Senior Lender and the Owner and dated as of December 15, 2021.

 

“Senior Loan Documents”
means the Senior Loan Agreement, the Senior Mortgage, the Senior Note, and all other documents related to the Senior Loan.

 

“Senior Mortgage”
means that certain Open-End Mortgage (Fee and Leasehold), Assignment of Leases and Rents, and Security Agreement given by the Owner, dated
as of December 15, 2021, and to be filed in the Stark County Recorder’s office.

 

“Senior Note”
means that certain Construction Note in the amount of $22,040,000 given by the Owner to the Senior Lender.

 

“Special Assessment
Act” means, collectively, Ohio Revised Code Section 727.01 et seq., Ohio Revised Code Section 1710.01 et seq.,
Ohio Revised Code Section 323.01 et seq., Ohio Revised Code Section 319.01 et seq., Ohio Revised Code Section 5721.01 et
seq., and related laws, Ordinance No. 23/2021 approving the Petition and Supplemental Plan and declaring the necessity of the Project,
determining to proceed with the Project and levying the Special Assessments adopted on November 22, 2021, all with respect to levying
special assessments on real property within the ESID.

 

“Special Assessments”
means the special assessments levied pursuant to the Special Assessment Act by the City with respect to the Project, a schedule of which
is attached to, and incorporated into, the Plan.

 

“State”
means the State of Ohio.

 

    A-5

     

    

 

EXHIBIT B

 

REPAYMENT SCHEDULE

 

 

 

[Continued On Next Page]

 

    B-1

     

    

 

 

 

    B-2

     

    

 

EXHIBIT C

 

DISBURSEMENT REQUEST FORM

 

[See Attached]

 

     

     

    

 

	Request No.____________________________	Date:_________________________
	 	 
	Amount Requested $________________	 

 

To: PACE Equity LLC

 

Under the Disbursement Agreement dated as of _______,
2021 (the “Disbursement Agreement”) by and between HOF VILLAGE CENTER FOR EXCELLENCE, LLC, an
Ohio limited liability company (“Property Owner”), and PACE EQUITY LLC, a Wisconsin limited liability
company, the undersigned hereby requests the disbursement of construction funds from the Depository Agent in accordance with this request,
and hereby certifies as follows:

 

1. All
capitalized terms in this request, unless otherwise defined herein, have the meanings specified in the Disbursement Agreement.

 

2. The
amounts requested either have been paid by the Property Owner, or are justly due to contractors, subcontractors, materialmen, engineers,
architects or other persons (whose names are stated on Attachment I hereto and whose invoices are attached hereto) in accordance with
the invoice(s) attached hereto who have performed necessary and appropriate work or furnished necessary and appropriate materials, equipment
or furnishings in the acquisition, construction and installation of the PACE Improvements and pursuant to the PACE Scope of Work (as those
terms are defined in the Disbursement Agreement).

 

3. Lien
waivers or releases (conditioned only upon receipt of payment) executed by all parties receiving payment directly from the draw request
are attached hereto.

 

4. Attached
hereto is a completed AIA Document G702 or equivalent document, signed by the General Contractor for the Project and a list of the applicable
payees if payment will be made to an entity or entities other than the General Contractor.

 

5. Attached
hereto is a certification by the Architect certifying that work has been completed and materials are in place as indicated by the request
for payment of the General Contractor.

 

6. Each
disbursement to the payees listed hereunder shall constitute a representation and warranty by the Property Owner, as of the date that
such disbursement is made, that the conditions contained in Section 7 and Section 8 (if applicable) of the Disbursement Agreement and
any other requirements of the PACE Agreements have been satisfied.

 

7. The current projected completion date of the
project is: [__________________].

 

	By:	 	 
	Printed Name:	 	 
	Title:	 	 

 

    C-1

     

    

 

ATTACHMENT I

TO APPLICATION FOR PAYMENT

 

SCHEDULE OF PAYMENTS REQUESTED

 

(Payments to be made in accordance with instructions
on invoice attached hereto)

 

	Payee Name	 	Description	 	Amount

 Requested	 	Payment Directions
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    C-2

     

    

 

EXHIBIT D

 

FORM OF COMPLETION CERTIFICATE

 

HOF Village Center for Excellence,
LLC (the Owner) hereby certifies that the Project, as such term is defined in the Energy Project Cooperative Agreement entered
into by and between the Owner, the Canton Regional Energy Special Improvement District, Inc., the City of Canton, Ohio and PACE Equity
LLC (the Investor) dated as of [___], 2021 (the Agreement) has been completed at [] (the Property) in strict
compliance with the requirements of the Agreement.

 

Note: Capitalized terms used
but not defined in this Completion Certificate have the meaning assigned to them in the Agreement to which a form of this Completion Certificate
is attached and of which it forms a part.

 

THE OWNER HEREBY CERTIFIES:

 

(a)
That the acquisition, construction, equipping, installation, and improvement of the Project was substantially completed on ________________________
in accordance with the construction contract, and the Owner has no unresolved complaints regarding the work;

 

(b)
The Project has been completed in all material respects in accordance with the plans and specifications, permits, and budget for
the Project approved by the Investor;

 

(c)
Owner has complied, and will continue to comply with all applicable statutes, regulations, and resolutions or ordinances in connection
with the Property and the construction of the Project;

 

(d)
the Owner holds fee ownership of the Property;

 

(e)
the general contractor for the project has not offered the Owner any payment, refund, or any commission in return for completing
Project; and

 

(f)   
all funds provided to the Owner by the Investor for the Project have been used in accordance with the Agreement.

 

[Balance of Page Intentionally Left Blank]

    D-1

     

    

 

NOTICE: DO NOT SIGN THIS COMPLETION CERTIFICATE
UNLESS YOU AGREE TO EACH OF THE ABOVE STATEMENTS.

 

HOF Village Center for Excellence, LLC, as the
Owner

 

	By:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 

 

    D-2

     

    

 

EXHIBIT E

 

CLOSING COSTS DETAIL

 

Pursuant to Section 4.2 of
the foregoing Energy Project Cooperative Agreement, the Investor, on the Closing Date, shall disburse to the ESID or to the respective
payee set forth below, the following closing costs:

 

	Project Development	 	$	42,500.00	 
	Legal & Closing Expenses	 	$	65,000.00	 
	City of Canton ESID Fee	 	$	20,628.00	 
	Finance and Facility Fee	 	$	150,000.00	 
	 	 	 	 	 
	Total	 	$	278,128.00	 

 

    E-1

     

    

 

EXHIBIT F

 

CONSENT OF MORTGAGEE

 

[See Attached]

 

    F-1

     

    

 

EXHIBIT G

 

FORM OF ASSIGNMENT AND ASSUMPTION OF ENERGY
PROJECT

COOPERATIVE AGREEMENT

 

ASSIGNMENT AND ASSUMPTION

OF

ENERGY PROJECT COOPERATIVE AGREEMENT

 

_______________________ (“Assignor”),
in consideration of the sum of $___________ in hand paid and other good and valuable consideration, the receipt and sufficiency of which
is acknowledged by Assignor’s execution of this Assignment and Assumption of Energy Project Cooperative Agreement (“Assignment”),
assigns, transfers, sets over, and conveys to _______________________ (“Assignee”) all of Assignor’s right, title, and
interest in and to that certain Energy Project Cooperative Agreement dated as of [___], 2021 between the Canton Regional Energy Special
Improvement District, Inc. (the “ESID”), Assignor, PACE Equity LLC, and the City of Canton, Ohio (the “Energy Project
Cooperative Agreement”).

 

By executing this Assignment,
Assignee accepts the assignment of, and assumes all of Assignor’s duties and obligations under, the Energy Project Cooperative Agreement.
Assignee further represents and warrants that it has taken title to the “Property,” as that term is defined in the Energy
Project Cooperative Agreement and to the “Owner Consent” dated as of [___], 2021 by HOF Village Center for Excellence, LLC
and recorded in the records of the Stark County Recorder with respect to the Property. By executing this Assignment, Assignee accepts
the assignment of, and assumes all of Assignor’s duties and obligations under and the Owner Consent.

 

Assignor and Assignee acknowledge
and agree that executed copies of this Assignment shall be delivered to the City, the Investor, and the ESID, as each of those terms are
defined in the Energy Project Cooperative Agreement, all in accordance with Sections 3.4(a) and 6.7 of the Energy Project Cooperative
Agreement

 

In witness of their intent
to be bound by this Assignment, each of Assignor and Assignee have executed this Assignment this _____________ day of _______________,
_____, which Assignment is effective this date. This Assignment may be executed in any number of counterparts, which when taken together
shall be deemed one agreement.

 

[Signature Pages Follow]

 

    G-1

     

    

 

	 	ASSIGNOR:

	 	[______________________________]

 

	 	By:	 
	 	 
	 	Name:	 
	 	 
	 	Title:	

 

    H-2

     

    

 

	 	ASSIGNEE:

	 	[______________________________]

 

	 	By:	 
	 	 
	 	Name:	 
	 	 
	 	Title:	

 

    H-3

     

    

 

EXHIBIT I

 

INVESTOR ACCOUNT AND PAYMENT INFORMATION

 

[Insert Investor Account and Payment Information]

 

 

 

I-1Exhibit 10.5

 

 

 

 

AMENDMENT NUMBER 5 TO TERM LOAN AGREEMENT

 

among

 

HALL OF FAME
RESORT & ENTERTAINMENT COMPANY AND THE OTHER PERSONS SIGNATORY HERETO AS BORROWERS

 

as Borrowers

 

and

 

THE LENDER PARTY
HERETO,

 

as Lender

 

and

 

AQUARIAN CREDIT
FUNDING LLC,

 

as Administrative
Agent

 

dated as of December
15, 2021

 

 

 

 

     

     

    

 

AMENDMENT NUMBER 5 TO TERM LOAN AGREEMENT

 

This AMENDMENT NUMBER 5 TO
TERM LOAN AGREEMENT (this “Amendment”) dated as of December 15, 2021 (the “Effective Date”) is
made by and among (1) Hall of Fame Resort & Entertainment Company, a Delaware
corporation (“HOF Resort & Entertainment”, (2) HOF Village Newco, LLC,
a Delaware limited liability company (“HOF Newco”), (3) HOF Village Stadium,
LLC, a Delaware limited liability company (“HOF Stadium”), (4) HOF
Village Parking, LLC, a Delaware limited liability company, (5) HOF Village Youth
Fields, LLC, a Delaware limited liability company, (6) HOF Village Land, LLC,
a Delaware limited liability company, (7) HOF Village Sports Business, LLC, a Delaware
limited liability company, (8) HOF Village Hotel I, LLC, a Delaware limited liability
company, (9) HOF Village Hotel WP, LLC, a Delaware limited liability company, (10)
HOF Village Center for Excellence, LLC, a Delaware limited liability company, (11)
HOF Village Center for Performance, LLC, a Delaware limited liability company, (12)
HOF Village Residences I, LLC, a Delaware limited liability company, (13) HOF
Village Parking Management I, LLC, a Delaware limited liability company, (14) HOF
Village Waterpark, LLC, a Delaware limited liability company, (15) HOF Experience,
LLC, a Delaware limited liability company, (16) HOF Village Media Group, LLC,
a Delaware limited liability company, (17) HOF Village Retail I, LLC, a Delaware
limited liability company, and (18) HOF Village Retail II, LLC, a Delaware limited
liability company (collectively, the “Borrowers”), in favor of AQUARIAN CREDIT FUNDING LLC, a Delaware limited
liability company (together with its successors and assigns, the “Administrative Agent”) and INVESTORS HERITAGE
LIFE INSURANCE COMPANY (collectively, together with its successors and assigns, the “Lender”).

 

PRELIMINARY STATEMENTS:

 

(1) The
Borrowers, the Lender, the Administrative Agent, and the other parties named therein are parties to the Term Loan Agreement, dated as
of December 1, 2020, as amended by the Amendment Number 1 to Term Loan Agreement dated January 28, 2021, Amendment Number 2 to Term Loan
Agreement dated February 15, 2021, Amendment Number 3 to Term Loan Agreement dated August 30, 2021, and Amendment Number 4 to Term Loan
Agreement dated August 30, 2021, 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
outstanding principal balance of the Loan, as of the date hereof, is $20,000,000.00;

 

(3) The
Borrowers seek to make a partial prepayment under the Loan Agreement in return for the release of certain Collateral and release of certain
Borrowers; and

 

(4) Lenders
and Administrative Agent, have agreed to the release of certain Collateral and the release of certain Borrowers, on the terms and conditions
set forth in this Amendment.

 

    2 

     

    

 

(5) The
Administrative Agent, the Borrowers, and the Lender desire to amend the Loan Agreement as set forth below.

 

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:

 

SECTION 1. Prepayment.
The Lender acknowledges that, on the Effective Date, the Borrowers have made a prepayment in the amount of Twelve Million Six Hundred
Thousand Dollars ($12,600,000)(“December 2021 Prepayment”) which December 21 Prepayment was effected by way of a withdraw
by Administrative Agent’s withdraw of such amount from the Proceeds Account. In connection with the December 2021 Prepayment, the
Lender shall also withdraw the Yield Maintenance Premium and interest due on the Loan for the period of December 1, 2021 to December 15,
2021 in the amount of $315,000.00 from the Interest Reserve Account (the “December 2021 Interest/YM Payment”).

 

SECTION 2. Release
of Certain Borrowers. The Lender hereby releases (as of the Effective Date) (1) HOF Village Parking, LLC, a Delaware limited liability
company, (2) HOF Village Youth Fields, LLC, a Delaware limited liability company, (3) HOF Village Land, LLC, a Delaware limited liability
company, (4) HOF Village Sports Business, LLC, a Delaware limited liability company, (5) HOF Village Hotel I, LLC, a Delaware limited
liability company, (6) HOF Village Hotel WP, LLC, a Delaware limited liability company, (7) HOF Village Center for Excellence, LLC, a
Delaware limited liability company, (8) HOF Village Center for Performance, LLC, a Delaware limited liability company, (9) HOF Village
Residences I, LLC, a Delaware limited liability company, (10) HOF Village Parking Management I, LLC, a Delaware limited liability company,
(11) HOF Village Waterpark, LLC, a Delaware limited liability company, (12) HOF Experience, LLC, a Delaware limited liability company,
(13) HOF Village Media Group, LLC, a Delaware limited liability company, (14) HOF Village Retail I, LLC, a Delaware limited liability
company, and (15) HOF Village Retail II, LLC, a Delaware limited liability company (collectively, the “Released Borrowers”
and each, a “Released Borrower”) from any and all liabilities and obligations to any of Administrative Agent or Lender,
arising under, pursuant to or in connection with the Loan Agreement and any of the Loan Documents other than those liabilities and obligations
that expressly survive the termination of the Loan Agreement. Consequently, except as provided in this Amendment, all references to “Borrowers”
or “Borrower” in the Loan Agreement and applicable Loan Documents shall exclude the Released Borrowers, and the Released Borrowers
shall no longer be Borrowers for any purpose under the Loan Agreement or any of the Loan Documents. The remaining Borrowers shall be (1)
HOF Resorts & Entertainment, (2) HOF Newco, and (3) HOF Stadium.

 

    3 

     

    

 

SECTION 3. Amendment.
In connection with the Prepayment and the Released Borrowers, as of the Effective Date, the Loan Agreement is amended as follows:

 

(a) Section
1.01 of the Loan Agreement is hereby amended by adding the following new defined terms in their proper alphabetical sequence:

 

“ErieBank Loan” means
that certain first mortgage loan in the amount of $22,040,000 made on or about the date of this Amendment by ERIEBANK, a division of CNB
Bank, a wholly owned subsidiary of CNB Financial Corporation, a Pennsylvania corporation, to HOF Village Center for Excellence, LLC, which
loan is secured by real property owned or to be owned by HOF Newco, LLC, and payment of which is guaranteed by HOF Resort & Entertainment
and, to the extent of certain sponsorship payments received by HOF Newco, HOF Newco.

 

“IRG 2021 Note” shall
mean that certain Promissory Note made by Hall of Fame Resort and Entertainment Company for $8,500,000 with Industrial Realty Group, LLC,
a Nevada limited liability company dated November 23, 2021, as amended on or about the date of this Amendment.

 

(b) The
following terms in Section 1.01 of the Loan Agreement are hereby deleted their entirety and the following substituted therefor:

 

“Collateral”
shall mean the Mortgaged Property, and for the avoidance of doubt, excludes the Excluded Collateral.

 

“Control Agreements”
shall mean the Interest Reserve Account Control Agreement, the Proceeds Account Control Agreement and any other control agreements over
the accounts shown on Schedule 3.19(c).

 

“Excluded Subsidiaries”
shall mean (1) HOF Village Hotel II, LLC, a Delaware limited liability company, (2) JCIHOFV Financing, LLC, a Delaware limited liability
company, (3) Mountaineer GM LLC, a Delaware limited liability company, (4) HOF Village Parking, LLC, a Delaware limited liability company,
(5) HOF Village Youth Fields, LLC, a Delaware limited liability company, (6) HOF Village Land, LLC, a Delaware limited liability company,
(7) HOF Village Sports Business, LLC, a Delaware limited liability company, (8) HOF Village Hotel I, LLC, a Delaware limited liability
company, (9) HOF Village Hotel WP, LLC, a Delaware limited liability company, (10) HOF Village Center for Excellence, LLC, a Delaware
limited liability company, (11) HOF Village Center for Performance, LLC, a Delaware limited liability company, (12) HOF Village Residences
I, LLC, a Delaware limited liability company, (13) HOF Village Parking Management I, LLC, a Delaware limited liability company, (14) HOF
Village Waterpark, LLC, a Delaware limited liability company, (15) HOF Experience, LLC, a Delaware limited liability company, (16) HOF
Village Media Group, LLC, a Delaware limited liability company, (17) HOF Village Retail I, LLC, a Delaware limited liability company,
and (18) HOF Village Retail II, LLC, a Delaware limited liability company.

 

    4 

     

    

 

“Ground Lease”
shall mean, that certain Ground Lease, dated February 26, 2016 (as amended, modified or supplemented from time-to-time prior to the date
hereof (including as modified by the Letter of Representations) and as may be amended, modified or supplemented from time to time after
the Closing Date with the prior written consent of the Administrative Agent) between the Canton City School District, acting by and through
its Board of Education, as “Lessor” thereunder, and the Stark County Port Authority, as “Lessee” thereunder with respect
to the land, building and real property covered by the Stadium Project Lease, as may be affected by (a) that certain Omnibus Amendment
Agreement recorded as Instrument No. 201901100001002, (b) that certain Rent Adjustment and Lease Amendment Agreement recorded as Instrument
No. 2019080700029147, (c) the Contribution Agreement, (d) that certain Modification of Leases by Termination of Rent Adjustment Agreement
and Rescission of Amendments entered into on or about December 1, 2020 by Canton City School District, acting by and through its Board
of Education, Stark County Port Authority, and HOF Village Stadium, LLC, and joined by HOF, Newco) and by Holdings SPE, LLC, (e) that
certain Second Rent Adjustment and Lease Amendment Agreement entered on December 1, 2020 by and among the Canton City School District,
acting by and through its Board of Education, Stark County Port Authority, HOF Stadium, HOF Village Parking, LLC and HOF Village Youth
Fields, LLC, as the same may be further amended, restated, replaced, supplemented or otherwise modified from time to time solely with
the prior written consent of Administrative Agent, in its sole and absolute discretion.

 

“Mortgaged
Property” shall mean the subleasehold estate in those certain parcels of real property described on Exhibit B attached
hereto and made a part hereof, together with the improvements thereon which subleasehold estate was created by that certain Stadium Project
Lease. The Stark County Port Authority leases the Stadium Leasehold Premises pursuant to the Ground Lease.

 

“Permitted Indebtedness”
shall mean (a) the PIPE Notes, (b) any Indebtedness pursuant to the EME Customer Contract to make EME Installment Payments, (c) the Existing
Guarantees, (d) the TDD BANs (and any Guarantee issued by any Borrower required in connection with the TDD BANs), (e) the TIF Bonds, (f)
all Indebtedness pursuant to Permitted Redemption Rights, (g) the JKP Note, (h) the Mezzanine (IRG) Note, (i) the IRG 2021 Note, (j) the
ErieBank Loan, and (k) any other Indebtedness expressly approved by Administrative Agent in writing, in its sole and absolute discretion.

 

“PFOF Lease
Agreements” shall mean the lease, identified and defined in the Ground Lease as the “PFHOF Stadium Lease” and that
certain sublease identified in the Ground Lease as the “PFHOF Stadium Lease.”

 

“Project Lease”
shall mean the Stadium Project Lease as it may be further amended, restated, replaced, supplemented or otherwise modified from time to
time solely with the prior written consent of Administrative Agent, in its sole and absolute discretion.

 

    5 

     

    

 

“Real Property”
shall mean all Mortgaged Property and all other real property owned or leased from time to time by HOF Stadium.

 

“Stadium Leasehold
Premises” shall have the meaning set forth in the Mortgage.

 

“Yield Maintenance
Premium” shall mean, after giving effect to the December 2021 YM Payment, an amount equal to $185,000.00, which is equal to the
amount of all future installments of interest (at the Interest Rate) which would have been due hereunder from the Effective Date through
and including the Stated Maturity Date.

 

(c) The
following terms in Section 1.01 of the Loan Agreement are hereby deleted their entirety: “Parking Ground Lease,” “Parking
Project Lease,” and “Youth Field Project Lease.” Any and all references thereto as related to events occurring on or
after the date of this Amendment shall be deleted as the context may require.

 

(d)
The references in the Loan Agreement to “Ground Leases” and “Project Leases” shall be replaced by the singular
“Ground Lease” and “Project Lease” as the context may require.

 

(e) Section
5.13(b) of the Loan Agreement entitled “Proceeds and Revenues” is hereby deleted in its entirety. For the avoidance of doubt,
Borrowers shall have no obligation to deposit any funds into the Proceeds Account, except for as provided in Section 5.13(f).

 

(f) Section
5.13(f) of the Loan Agreement entitled “Proceeds and Revenues” is hereby deleted in its entirety and replaced with the following:

 

Governmental Funds;
Business Interruptions. In addition, notwithstanding anything to the contrary contained in this Agreement, Borrowers shall deposit
in the Proceeds Account any and all funds received by or on behalf of Borrowers from any source of insurance, including business interruption
insurance or similar sources, to the extent related to the Mortgaged Property.

 

(g) Section
5.15 of the Loan Agreement entitled “Minimum Liquidity” is hereby deleted in its entirety.

 

    6 

     

    

 

(h) The
introductory paragraph of Section 6.02 of the Loan Agreement entitled “Liens” is hereby deleted in its entirety and replaced
with the following:

 

Liens.
On or after the Closing Date, Borrowers shall not, and it shall not permit any Borrower to, directly or indirectly, create, incur, assume
or permit to exist any Lien on or with respect to the Pledged Collateral, the Mortgaged Property or any property or asset of any kind
of HOF Stadium file or permit the filing of, or permit to remain in effect, any financing statement or other similar notice of any Lien
with respect to any such property, asset, income or profits under the UCC of any jurisdiction or under any similar recording or notice
statute, except (collectively, the “Permitted Liens”):

 

(i)
Section 6.11 of the Loan Agreement is revised such that all references to “Borrowers” thereunder shall be deemed to include
the Released Borrowers; provided that requirements of Section 6.11(a)(ii) shall not be applicable to the Released Borrowers.

 

(j) Section
6.16 of the Loan Agreement entitled “Limitations on Accounts” is hereby deleted in its entirety.

 

(k) Section
6.17 of the Loan Agreement entitled “Material Construction Contracts” is hereby amended by deleting the term “HOFV Project”
and replacing it with “Mortgaged Property”.

 

(l) Schedule 3.19(c)
is hereby deleted its entirety and the attached Schedule 3.19(c) is substituted therefor.

 

SECTION 4. Termination
of Security Interests. Concurrently with the execution of this Amendment and Administrative Agent’s withdrawal of the December
2021 Prepayment from the Proceeds Account, Administrative Agent shall execute the First Amendment to Pledge and Security Agreement dated
as the same date as this Amendment between the Borrowers and the Administrative Agent, and such termination to be in the form of Exhibit
C, attached hereto and incorporated by reference herein (“First Amendment to Pledge”). For the avoidance of
doubt, all rights of either of the Administrative Agent and the Lender to, claims of either of the Administrative Agent and the Lender
in, liens of either of the Administrative Agent and the Lender on and interest of either of the Administrative Agent and the Lender in
(i) CFE Bonds, (ii) CFE Ground Lease, (iii) CFE Bond Purchase Agreement, (iv) CFE Leaseback, or (iv) any Transaction Documents relating
to CFE are hereby specifically released and terminated. In connection with the termination of the security interests, the Administrative
Agent shall deliver termination letters to Huntington National Bank to terminate all deposit control account agreements related to all
accounts except (a) the Interest Reserve Account, (b) the Proceeds Account, and (c) any Accounts held by HOF Stadium (which deposit control
account agreements shall continue unmodified), within two (2) Business Days after the date of this Amendment.

 

SECTION 5. Partial
Release of Mortgage and Termination of UCC Financing Statements. Concurrently with the execution of this Amendment and the payment
of the December 2021 Prepayment and the December 2021 YM Payment, Administrative Agent shall execute and deliver to Chicago Title Insurance
Company, 1111 Superior Avenue, Suite 600, Cleveland, OH 44114 (“Chicago Title Insurance Company”) an original release
of the Mortgage encumbering the property described on Exhibit D, attached hereto and incorporated by reference herein, such
release to be in the form of Exhibit E, attached hereto and incorporated by reference herein (“Partial Release
of Mortgage”). Administrative Agent is further authorized and directed to, and hereby agrees to: (a) provide to Chicago Title
Insurance Company any additional documents requested by Chicago Title Insurance Company to evidence the release of the Released Real Estate
and the termination of the lien of the Mortgage as to the Released Real Estate, and (b) promptly file necessary
documents to evidence the termination of any security interest evidenced by a UCC Financing Statement with respect to (i) the Released
Borrowers, (ii) any Collateral owned by the Excluded Subsidiaries, including without limitation all UCC-3 Terminations for the
following UCC-1s filed in the State of Delaware on December 1, 2020: 20208404917 - HOF Village Youth Fields, LLC, 20208405161 - HOF
Village Parking, LLC 20208405245 - HOF Village Land, LLC, 20208405278 - HOF Village Hotel I, LLC, 20208405096 - HOF Village Sports Business,
LLC, 20208405187 - HOF Village Parking Management I, LLC, 20208405120 - HOF Village Residences I, LLC, 20208405344 - HOF Village Center
for Excellence, LLC, 20208405328 - HOF Village Center for Performance, LLC, 20208405419 - HOF Experience, LLC, 20208405229 - HOF Village
Media Group, LLC, 20208405369 - HOF Village Hotel WP, LLC, 20208405021 - HOF Village Waterpark, LLC, and 20208405104 - HOF Village Retail
I, LLC, and (v) modifications of the following UCC-1s filed in the State of Delaware on December 1, 2020: 20208405476 – Hall of
Fame Resort & Entertainment Company and 20208405211 – HOF Village Newco, LLC (as approved in writing by Administrative Agent).

 

    7 

     

    

 

SECTION 6. Waiver
of Separate Prepayment on IRG 2021 Note. The Administrative Agent and the Lender acknowledge and agree that no funds in excess of
the December 2021 Prepayment are required in connection with the IRG 2021 Note. For the avoidance of doubt, the lack of a separate prepayment
in connection with the IRG 2021 Note shall not trigger an Event of Default.

 

SECTION 7. Proceeds
Account Disbursement. Following the payment of the December 2021 Prepayment and the December 2021 Interest/YM Payment, the Administrative
Agent shall (1) transfer $6,000 from the Proceeds Account to the Interest Reserve Account, (2) withdraw $50,000 from the Proceeds Account
to pay the annual Administrative Fee, and (3) upon receipt of a Disbursement Request from HOF Resort & Entertainment, transfer $7,500,000
from the Proceeds Account to the Account ending in x1022 held by Lead Borrower at Huntington National Bank (the “December 2021
Disbursement”).

 

SECTION 8. Acknowledgement
of Outstanding Balance. Administrative Agent and Lender acknowledge that, following the payment of the December 2021 Prepayment, the
December 2021 Interest/YM Payment, and the December 2021 Disbursement:

 

(a) The
Proceeds Account has a balance of $5,805.12;

 

(b) The
Interest Reserve Account has a balance of $190,032.25.

 

(c) All
fees due and owing to Administrative Agent and Lender from Borrowers as of the date hereof have been paid in full;

 

(d) All
interest accrued through December 15, 2021 has been paid in full; and

 

(e) The
remaining principal balance due under the Loan Agreement is $7,400,000.

 

    8 

     

    

 

SECTION 9. Representations
and Warranties.

 

(a) This
Amendment constitutes the legal, valid and binding obligations of the Borrowers and the Released Borrower, enforceable against the Borrowers
and the Released Borrowers in accordance with its terms, has been duly authorized by all requisite corporate, partnership or limited liability
company and, if required, stockholder, partner or member action of each Borrower and each Released Borrower which is a party thereto and
(i) will not violate (A) any provision of law, statute, rule or regulation, or of Governing Documents of any Borrower or Released Borrower
(B) any order of any Governmental Authority or arbitrator or (C) any provision of any indenture, agreement or other instrument to which
any Borrower or any Released Borrower is a party or by which any of them or any of their property is or may be bound, including any Contractual
Obligation, (ii) be in conflict with, result in a breach of or constitute (alone or with notice or lapse of time or both) a default under,
or give rise to any right to accelerate or to require the prepayment, repurchase or redemption of any obligation under any such indenture,
agreement or other instrument or any Contractual Obligation, or (iii) result in the creation or imposition of any Lien upon or with respect
to any property or assets now owned or hereafter acquired by any Borrower (other than Permitted Liens and Liens created under the Security
Documents).

 

(b) Borrowers
agree that all of the representations and warranties made by Borrowers or Guarantor set forth in the Loan Agreement, as modified by this
Amendment, and in the other Loan Documents are true and correct in all material respects as of the date of this Amendment unless Administrative
Agent has been notified to the contrary prior to the date of this Amendment except (i) for any representation or warranty, that, by its
terms, refers to a specific date, or (ii) for any representation or warranty, that, by its terms, relates to a Released Borrower, or (iii)
to the extent that the failure of such representation or warranty to be true and correct, in all material respects, on and as of the date
of this Amendment will not have a Material Adverse Effect.

 

SECTION 10. Electronic
Signatures. Transmission of a signature by facsimile or email or in .pdf format shall bind the signing party to the same degree as
the delivery of a signed original or electronic signature. This Amendment may be executed by way of electronic signatures (including,
but not limited to, by way of electronic signatures generated by “DocuSign,” “Adobe Sign” or similar programs
or replacements thereto) and that neither this Amendment, nor any part or provision of this Amendment, shall be challenged or denied any
legal effect, validity and/or enforceability solely on the grounds that it is in the form of an electronic record. Notwithstanding the
foregoing, Administrative Agent agrees to deliver the Partial Release of Mortgage in a form reasonably acceptable to Chicago Title Insurance
Company as required to effectuate the partial release and termination of the Mortgage as to the Released Real Property.

 

SECTION 11. No
Other Changes; Ratification; Legal Fees.

 

(a) Except
as specifically amended hereby, the terms, provisions and conditions of the Loan Agreement and the other Loan Documents shall remain unmodified
and continue in full force and effect and, except as amended hereby, all of the terms, provisions and conditions of the Loan Agreement
and the Loan Documents are hereby ratified and confirmed in all respects.

 

    9 

     

    

 

(b) Concurrently
with the execution of this Amendment, Borrowers shall have separately paid the legal fees and expenses of Administrative Agent’s
counsel, Skadden, Arps, Slate, Meagher & Flom LLP as set forth in an invoice provided directly to Borrowers.

 

SECTION 12. Release.
Borrowers and Released Borrowers acknowledge and agree that they currently possess no Claims (as hereinafter defined) against Administrative
Agent or any Lender or Related Parties of Administrative Agent or a Lender (a “Lender Party” and collectively, “Lender
Parties”). As a material inducement to Administrative Agent and Lender to enter into this Amendment, Borrowers and Released
Borrowers do hereby absolutely, unconditionally and irrevocably remise, release, acquit, satisfy and forever discharge each Lender Party
from any and all manner of debts, accountings, bonds, warranties, representations, covenants, promises, contracts, controversies, arguments,
liabilities, obligations, expenses, damages, judgments, executions, actions, claims, demands and causes of action of any nature whatsoever,
whether at law or in equity (collectively, “Claims”), either now accrued or hereafter maturing or whether known or
unknown, which any Borrowers and/or Released Borrowers now have or hereafter can, shall or may have by reason of any manner, cause or
thing whatsoever which arises at any time on or prior to the date of this Amendment, with respect to matters arising out of, in connection
with or related to (i) the Loan Documents and indebtedness evidenced and secured thereby or (ii) any other agreement or transaction between
Borrowers and/or Released Borrower and any Lender Party entered into in connection with the Loan Documents.

 

SECTION 13. Counterparts.
This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original but all of which when taken together shall constitute a single contract.

 

SECTION 14. Governing
Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York without regard to any
conflicts of law principles that would direct the application of the laws of any jurisdiction.

 

[Signatures
follow]

 

    10 

     

    

 

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

 

HALL OF FAME RESORT & ENTERTAINMENT COMPANY,

a Delaware corporation

HOF VILLAGE NEWCO, LLC

HOF VILLAGE STADIUM, LLC

HOF VILLAGE PARKING, LLC

HOF VILLAGE YOUTH FIELDS, LLC

HOF VILLAGE LAND, LLC

HOF VILLAGE HOTEL I, LLC

HOF VILLAGE SPORTS BUSINESS, LLC

HOF VILLAGE PARKING MANAGEMENT I, LLC

HOF VILLAGE RESIDENCES I, LLC

HOF VILLAGE CENTER FOR EXCELLENCE, LLC

HOF VILLAGE CENTER FOR PERFORMANCE, LLC

HOF VILLAGE WATERPARK, LLC

HOF VILLAGE HOTEL WP, LLC

HOF EXPERIENCE, LLC

HOF VILLAGE MEDIA GROUP, LLC

HOF VILLAGE RETAIL I, LLC

HOF VILLAGE RETAIL II, LLC

 each, a Delaware limited liability company

 

	 	By:	/s/ Michael Crawford
	 	 	 	Name: 	Michael Crawford
	 	 	 	Title:  	Chief Executive Officer

 

[Signatures Continue on Next Page]

 

    11 

     

    

 

	 	AQUARIAN CREDIT FUNDING LLC,

as Administrative Agent
	 	 	 
	 	By:	/s/ Benjamin Goodman
	 	 	Name: 	Benjamin Goodman
	 	 	Title: 	Authorized Signatory
	 	 	 	 
	 	INVESTORS HERITAGE LIFE INSURANCE COMPANY,

as a Lender

                     

	 	By:	Aquarian Holdings Investment Management
LLC, as investment advisor
	 	 	 
	 	By:	/s/ Benjamin Goodman
	 	 	Name: 	Benjamin Goodman
	 	 	Title: 	Authorized Signatory

 

[Signature Page to Amendment Number 5 to Term Loan
Agreement]

 

    12 

     

    

 

Exhibits

 

Schedule 3.19(c) - Accounts

Exhibit A – [Intentionally Deleted]

Exhibit B – Stadium Property

Exhibit C – First Amendment to the Pledge and Security Agreement

Exhibit D – Released Property

Exhibit E – Partial Release of Mortgage

 

    13 

     

    

 

SCHEDULE 3.19(c)

 

ACCOUNTS

 

Proceeds Account

 

		1.	Huntington National Bank - Proceeds Account (blocked with lockbox) – Account No. 01663071051 (Beneficiary: Hall of Fame Resort
& Entertainment Company)

 

Interest Reserve Account

 

		1.	Huntington National Bank - Interest Reserve Account (blocked) – Account No. 01663071035 (Beneficiary: Hall of Fame Resort &
Entertainment Company)

 

Additional Accounts

 

		1.	Huntington National Bank - Account No. 01662773910 (Beneficiary: HOF Village Stadium, LLC)

		2.	Huntington National Bank - Account No. 01663003854 (Beneficiary: HOF Village Stadium, LLC)

 

 

14

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