SEC Contract Filing

Filing Date: 2024-07-01

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ea020879401ex10-2_halloffame.htm
<DESCRIPTION>AMENDED AND RESTATED PROMISSORY NOTE, DATED JUNE 25, 2024, BETWEEN HALL OF FAME RESORT & ENTERTAINMENT COMPANY, AS BORROWER, AND STARK COMMUNITY FOUNDATION, INC., AS LENDER
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #2D2D2D"><B>Exhibit 10.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #2D2D2D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #2D2D2D"><B>AMENDED AND RESTATED </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #2D2D2D"><B>PROMISSORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Term Note</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
 <TR STYLE="vertical-align: top">
 <TD STYLE="width: 7%">Borrower:&nbsp;</TD>
 <TD STYLE="width: 49%">HALL OF FAME RESORT &amp;</TD>
 <TD STYLE="width: 7%">Lender:&nbsp;</TD>
 <TD STYLE="width: 37%">STARK COMMUNITY</TD></TR>
 <TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD>ENTERTAINMENT</TD>
 <TD>&nbsp;</TD>
 <TD>FOUNDATION, INC.</TD></TR>
 <TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD>COMPANY</TD>
 <TD>&nbsp;</TD>
 <TD>400 Market Ave N, Suite 200</TD></TR>
 <TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD>2014 Champions Gateway</TD>
 <TD>&nbsp;</TD>
 <TD>Canton, Ohio 44702</TD></TR>
 <TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD>Suite 100</TD>
 <TD COLSPAN="2">&nbsp;</TD></TR>
 <TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD>Canton, OH 44708</TD>
 <TD COLSPAN="2">&nbsp;</TD></TR>
 </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 25%"></TD><TD STYLE="width: 30%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 45%">Date of Note: June 25, 2024</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Principal Amount: $5,451,666.67</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; color: #2D2D2D"><B>PROMISE TO PAY.
</B>FOR VALUE RECEIVED, HALL OF FAME RESORT &amp; ENTERTAINMENT COMPANY, a Delaware corporation (&ldquo;Borrower&rdquo;) hereby promises
to pay to STARK COMMUNITY FOUNDATION, INC. an Ohio not for profit corporation (&ldquo;Lender&rdquo;), or order, in lawful money of the United
States of America, the principal amount of Five Million Four Hundred Fifty-One Thousand Six Hundred Sixty-Six and Sixty-Seven Cents ($5,451,666.67)
together with interest on the unpaid principal balance until paid in full as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; color: #2D2D2D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #2D2D2D"><B>PAYMENT.
</B>Borrower will pay the entire outstanding principal balance to Lender on June 30, 2044, the &ldquo;Maturity Date&rdquo;</FONT><FONT STYLE="font-size: 10pt; color: #565656">.
</FONT><FONT STYLE="font-size: 10pt; color: #2D2D2D">Commencing June 25, 2024 and continuing until December 31, 2026, interest shall accrue
but not be paid by Borrower absent the occurrence of an Event of Default. Commencing December 31, 2026, Borrower shall pay regular annual
payments of principal and accrued interest in the amounts set forth on the attached amortization schedule with each </FONT><FONT STYLE="color: #2D2D2D">annual
payment to be due and paid on December 31<SUP>st</SUP> of each year until Borrower&rsquo;s final payment becomes due on the Maturity Date, which
payment will be for all principal, accrued and unpaid interest, and all other amounts that may be due and owing to Lender under the First
Amendment to Business Loan Agreement (&ldquo;First Amendment to Loan Agreement&rdquo;), this Amended and Restated Promissory Note (&ldquo;Amended
and Restated Note,&rdquo; and collectively with the First Amendment to Loan &ldquo;Loan Documents&rdquo;). Prior to an Event of Default
under Loan Documents, payments shall be applied first to interest, then to principal, then to any fees or other amounts due and owing
to Lender in connection with the Indebtedness. After an Event of Default under the Loan Documents, unless required by applicable law,
payments shall be applied by Lender in such order as it elects in its sole discretion. The annual interest rate for this </FONT><FONT STYLE="color: #2A2A2A">Amended
and Restated</FONT> <FONT STYLE="color: #2D2D2D">Note is computed on a 365/360 basis; that is, in the case of interest, by applying the
ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of
days the principal balance is outstanding. Any reference in this Amended and Restated Note to a &ldquo;per annum&rdquo; rate shall <FONT STYLE="font-size: 10pt">be
</FONT>based on a year of 360 days. Borrower will pay Lender at Lender&rsquo;s address shown above or at such other place as Lender may designate
in writing.</FONT