OPTION AGREEMENTOption Agreement • April 3rd, 1997 • Artra Group Inc • Converted paper & paperboard prods (no contaners/boxes) • Illinois
EXHIBIT 10.2 THIS NOTE SHALL NOT BE TRANSFERABLE BY THE HOLDER WITHOUT THE ISSUANCE OF A REPLACEMENT NOTE TERM PROMISSORY NOTEArtra Group Inc • April 3rd, 1997 • Converted paper & paperboard prods (no contaners/boxes)
FOR VALUE RECEIVED, the undersigned, ARTRA GROUP Incorporated, a Pennsylvania corporation, ("Borrower"), HEREBY PROMISES TO PAY to the order of STEPHALEX INTERNATIONAL, INC. a foreign corporation ("Lender"), at the address of the Lender c/o Schnittman & Schnittman, P.O. Box 1019, Melville, NY 11747, or at such other place as Lender may designate from time to time in writing, in lawful money of the United States of America and in immediately available funds, the principal amount of ONE MILLION DOLLARS AND NO CENTS ($1,000,000.00) plus interest, on the terms hereinafter provided.
