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This note has not been
registered under the Securities Act of 1933, As amended, or under
any state securities law. It may not be sold, offered
for sale, pledged or hypothecated in the absence of a registration
statement in effect with respect to the securities under such act
and any applicable state securities laws or an opinion of counsel
satisfactory to the maker that such registration is not
required.
PROMISSORY NOTE
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$
5,100,000
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New York, New
York
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September 30,
2009
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FOR VALUE
RECEIVED , the
undersigned, Lapolla Industries, Inc ., a Delaware
corporation, currently having its principal place of business
located at Intercontinental Business Park, 15402 Vantage Parkway
East, Suite 322, Houston, Texas 77032 (the “Maker”),
promises to pay to Richard J. Kurtz an individual
currently residing at Nine Duck Pond Road, Alpine, New Jersey 07632
(the “Holder”), the principal sum of Five Million
One Hundred Thousand ($5,100,000) and 00/100 Dollars ,
bearing interest thereon, at the rate of seven percent (7%) per
annum together with any costs, expenses an
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