SEC Contract Filing

Filing Date: 2022-11-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>ea168341ex10-3_halloffame.htm
<DESCRIPTION>LIMITED RECOURSE CARVEOUT GUARANTY, DATED NOVEMBER 7, 2022, BY HOF VILLAGE NEWCO, LLC AS GUARANTOR AND HFAKOH001 LLC AS LANDLORD
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<P STYLE="margin: 0pt; font: bold 10pt Times New Roman, Times, Serif; text-align: right">Exhibit 10.3</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; text-indent: 0in"><U>LIMITED
RECOURSE CARVEOUT GUARANTY</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt; text-align: justify"><B>THIS LIMITED RECOURSE CARVEOUT
GUARANTY </B>(this &ldquo;<B>Guaranty</B>&rdquo;) is made as of November 7, 2022 by <B>HOF VILLAGE NEWCO, LLC</B>, a Delaware
limited liability company (&ldquo;<B>Guarantor</B>&rdquo;), to <B>HFAKOH001 LLC</B>, a Delaware limited liability company
(&ldquo;<B>Landlord</B>&rdquo;).</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; text-indent: 0in"><U>RECITALS</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">A. Concurrently
with the delivery of this Guaranty, (i) Landlord has purchased from HOF Village Waterpark, LLC, a Delaware limited liability company (&ldquo;<B>Tenant</B>&rdquo;,
and collectively with Guarantor and any affiliate of the same, &ldquo;<B>Tenant Parties</B>&rdquo;), certain real property located in
Canton, Ohio, with an APN of 10014331, pursuant to that certain Agreement of Purchase and Sale (&ldquo;<B>Purchase Agreement</B>&rdquo;)
by and between Tenant, as seller, and Landlord, as buyer, and (ii) Landlord and Tenant have entered into that certain Lease Agreement
dated as of the date hereof (the &ldquo;<B>Lease</B>&rdquo;), for the Premises (as defined in the Lease).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">B. Tenant
is an affiliate of Guarantor and Guarantor will derive substantial economic benefit from the execution and delivery of the Lease.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">C. Guarantor
acknowledges that Landlord would not enter into the Lease unless this Guaranty accompanied the execution and delivery of the Lease.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.5in; text-align: justify">D.
Guarantor hereby acknowledges receipt of a copy of the Lease.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>,
in consideration of the execution and delivery of the Lease and of other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, Guarantor covenants and agrees as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">1. <B><U>DEFINITIONS</U>.</B>
Defined terms used in this Guaranty and not otherwise defined herein have the meanings assigned to them in the Lease.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-weight: normal">2.
</FONT><U>COVENANTS OF GUARANTOR</U><FONT STYLE="font-weight: normal">.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 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: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">A.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-style: normal; font-weight: normal">Guarantor
absolutely, unconditionally and irrevocably guarantees, as a primary obligor and not merely as a surety:</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify">(i) payment of losses,
costs, liabilities, expenses, claims, actions, damages, and fines, including reasonable attorneys&rsquo; fees, sustained by Landlord
as a result of (a) fraud, intentional misrepresentation, or intentional failure to disclose a material fact concerning the Property
or Tenant by Tenant or any of its Affiliates; (b) the gross negligence, willful misconduct, or illegal acts of Tenant or its
Affiliates with respect to the Property or the Lease; (c) the breach of any representation, warranty, covenant or indemnification
provision in the Purchase Agreement concerning environmental laws or hazardous substances, or any indemnification of Landlord and
other applicable indemnified parties with respect thereto, in any of the Purchase Agreement or the Lease; (d) intentional physical
waste of the Property by any