Opinion ID: 3012975
Heading Depth: 2
Heading Rank: 2

Heading: The Relevant Agreements

Text: The Stock Purchase Agreement is dated May 21, 1993 and the parties are Harvey’s Lake Amphitheater, Inc. and Michael Leslie Bernback. Thomas Greco was the sole shareholder and owner of Harvey’s Lake Amphitheater. Pursuant to the Stock Purchase Agreement, Bernback acquired a 50% interest in Harvey’s Lake Amphitheater, subject to certain conditions. In essence, the Stock Purchase Agreement provided that Bernback would become Greco’s partner in Harvey’s Lake Amphitheater, Inc., on the condition that Bernback negotiated and paid off certain items of debt, up to $125,000. The Agreement was signed by Thomas Greco, in his capacity as President of Harvey’s Lake. The Personal Guarantee, Hold Harmless and Assignment Agreement was entered into on May 21, 1993, “by and between THOM AS J. GRECO (“GRECO”) and MICHAEL LESLIE, also known as MICHAEL LESLIE BERNBACK (“LESLIE”).” The Guaranty states that “concurrent with the execution of this Agreement, MICHAEL LESLIE is, in reliance upon GRECO’s execution hereof, entering into a written Stock Purchase Agreement dated May 21, 1993 . . . with HARVEY’S LAKE AMPHITHEATER, INC.” Further, it makes execution of the Guaranty a condition precedent “to the closing of the transaction contemplated by the Stock Purchase 6 Agreement.” True to its name, the Personal Guarantee contains a personal guarantee by Greco regarding all obligations, promises, and representations in the Stock Purchase Agreement, and also states that “Greco is therefore personally subject to and liable for all remedies available to LESLIE” under the Stock Purchase Agreement. The document also states that In the event of any default, failure of consideration, misrepresentation, adverse change in circumstances relating to representations, or breach of contract or warranty by HLAI [Harvey’s Lake Amphitheater, Inc.] in connection with the Stock Purchase Agreement, LESLIE may pursue all of its remedies thereunder directly against HLAI alone, or, against GRECO and HLAI concurrently. The Shareholder Agreement was also entered into on May 21, 1993, by Thomas Greco, Michael Leslie [Bernback], and Harvey’s Lake Amphitheater. Like the Stock Purchase Agreement, this agreement also contained an arbitration clause.