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Exhibit 10.4
AMENDMENT TO
NOTE
THIS AMENDMENT TO NOTE dated as
of the 24 th day of March, 2006, by and between
LAPOLLA INDUSTRIES, INC. (f/k/a IFT CORPORATION),
a Delaware corporation, and RICHARD KURTZ (jointly
and severally, “Borrower”), jointly and severally,
hereby promise to pay to the order of WACHOVIA BANK,
NATIONAL ASSOCIATION (“Lender”), at its
offices at 190 River Road, Summit, New Jersey 07901
WHEREAS , on June 2, 2005, Borrower executed and
delivered a Promissory Note (the “Original Note”)
evidencing a loan (the “Original Loan”) in the amount
of Two Million Dollars ($2,000,000.00) from Lender; and
WHEREAS , Borrower has requested and Lender has agreed
to increase the principal amount of the Original Loan as provided
herein;
NOW, THEREFORE , in consideration of the mutual covenants
herein contained and other good and valuable consideration, the
receipt of which is hereby acknowledged, Lender and Borrower agree
as follows:
1. Capitalized
terms used but not otherwise defined herein shall have the meanings
ascribed them in the Original Note.
2. As of the
date set forth above, the aggregate principal balance of the
Original Loan is increased by Five Hundred Thousand Dollars
($500,000.00)(the “Loan Increase”) to a total of Two
Million Five Hundred Thousand Dollars ($2,500,000.00)(the
“Original
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