EXHIBIT 10 (a)


THIS IS AN IMPORTANT LEGAL DOCUMENT; BY SIGNING IT, YOU GIVE UP IMPORTANT RIGHTS
TO SUE. YOU SHOULD  THOROUGHLY  REVIEW AND  UNDERSTAND THE EFFECT OF THE RELEASE
INCLUDED IN THIS DOCUMENT  BEFORE ACTING ON IT. IF YOU DO NOT  UNDERSTAND IT, DO
NOT SIGN IT.



                 EMPLOYMENT TERMINATION AND CONSULTING AGREEMENT
                                       AND
                                 GENERAL RELEASE



     EMPLOYMENT TERMINATION and CONSULTING AGREEMENT and GENERAL RELEASE between
AMREP  CORPORATION,  an Oklahoma  corporation  ("AMREP") and KABLE NEWS COMPANY,
INC., an Illinois corporation (collectively,  the "Company") and DANIEL FRIEDMAN
("Employee").

     WHEREAS,  Employee is a director,  officer and  employee of the Company and
Employee  and  the  Company  wish  to  arrange  for  the   termination  of  such
relationships; and

     WHEREAS,  Employee  and the  Company  desire to  resolve  all  issues as to
employment  benefits  to which  Employee  is or may be  entitled  now and in the
future,  including any and all claims which Employee has or may have arising out
of Employee's employment and/or the termination thereof,


     NOW,  THEREFORE,  in consideration of the mutual promises herein contained,
it is agreed as follows:
     1. Employment Termination; Resignations.

     (a) As of the close of  business  on  October  31,  2000 (the  "Termination
Date"), Employee's employment by the Company will terminate for all purposes and
Employee  will not  thereafter  be entitled  to receive any salary,  benefits or
other compensation from the Company, except as set forth herein.

     (b)  Effective  on the  Termination  Date,  Employee  shall  cease  to be a
director and officer of the Company and all direct and indirect  subsidiaries of
the Company, and this Agreement shall constitute Employee's written resignations
from all such positions.  Upon request of the Company, Employee shall provide to
the Company such separate  signed  instruments of  resignation  from any of such
positions as the Company may request.

     2.  Company  Not  Liable.  Employee  agrees and  understands  that  nothing
contained  in this  Agreement  is an  admission  by the Company of any  unlawful
conduct  whatsoever.  This  Agreement  shall not in any way be  construed  as an
admission by the Company that it has acted  wrongfully  with respect to Employee
in connection with his employment or the termination  thereof,  or that Employee
has any legal rights  whatsoever  against the Company with respect thereto,  and
the Company  specifically  disclaims  any  liability  to, or for  wrongful  acts
against, Employee.

     3. Consulting  Services.  During the period from the Termination Date until
December 31, 2001, Employee shall be available to consult with the management of
the Company  concerning its business for not more than 15 hours in each calendar
month. Such consulting  services shall be provided by Employee at such locations
as shall be mutually agreeable to Employee and the Company,  shall be called for
upon reasonable advance notice by the Company to Employee and shall be scheduled
with due regard to his other commitments. Employee has informed the Company that
he has changed his primary  residence from New York City to Milan, New York, and
in no event shall  Employee  be  required to travel to a location  more than 100
miles from Milan,  New York. Such consulting  services shall be provided without
payment to Employee  other than as  specifically  provided  herein.  The Company
shall reimburse Employee for his reasonable  expenses incurred in providing such
consulting  services in  accordance  with the  Company's  expense  reimbursement
policies applicable to its senior executives.

     4. Payments to Employee.  In connection  with the termination of Employee's
employment by the Company and in consideration of Employee's aforesaid agreement
to provide  consulting  services and Employee's  release of the Company provided
for below,  on  January  3, 2001 the  Company  will pay to  Employee  the sum of
$305,191.47, less all required withholdings for tax purposes.

     5. Purchase of  Employee's  AMREP Stock.  Employee  represents he presently
owns,  free and clear of all liens,  claims,  charges and  encumbrances,  38,610
shares of AMREP common  stock (the  "Shares").  AMREP and  Employee  agree that,
provided  (i)  Employee  shall give  written  notice to AMREP not later than the
Termination  Date specifying  that Employee wishes to sell the Shares,  and (ii)
not later than the time such notice is given  Employee  shall  deliver to Jacobs
Persinger  &  Parker  at 77 Water  Street,  New  York  New  York  10005  (x) the
certificate or certificates  representing the Shares, (y) Employee's irrevocable
stock power  covering the Shares,  duly  executed in blank,  and (z)  Employee's
irrevocable  instruction  to deliver  the same to AMREP for sale as  hereinafter
provided,  at 10:00 A.M. on January 3, 2001, at the principal office of AMREP in
New York  City,  Employee  will sell and AMREP  will  purchase  the Shares for a
purchase  price of $7.00 per Share,  and at such time  AMREP  will make  payment
therefor by wire transfer to Employee's bank account  specified in his aforesaid
notice against  delivery of the certificates and aforesaid stock power therefor.
The   delivery  by  Employee  of  said  notice   shall   constitute   Employee's
representation  and warranty to AMREP that upon such  purchase and payment AMREP
will  acquire  good  title to the Shares  free and clear of all  liens,  claims,
charges and encumbrances.  Upon AMREP's reasonable request Employee will provide
such other instruments executed by him to confirm the foregoing and otherwise to
effectuate said purchase and sale.

     6.  Medical  Insurance.  The  Company  shall  pay for the  cost of  medical
insurance for Employee for the remainder of his life,  but only to the extent of
the coverage  generally made  available to Company  employees and retirees under
the policy of  medical  insurance,  if any,  from time to time  provided  by the
Company, in its sole discretion and without any obligation to do so, and only if
and for so long as Employee shall pay to the Company  monthly an amount equal to
the amount  payable by officers of the Company for  coverage  under such policy.
Should  the  policy of  medical  insurance  referred  to above  cease to be made
generally available to Company retirees,  the Company will nevertheless  provide
coverage to  Employee,  but only to the extent of the  coverage  generally  made
available to Company  employees under the policy of medical  insurance,  if any,
from time to time provided by the Company for its employees and only for so long
as Employee shall pay to the Company  monthly an amount equal to the full amount
payable by the Company for such coverage.

     7. Transfer of Automobile Lease. Effective as of the Termination Date Kable
News Company, Inc. ("Kable") shall assign to Employee, and Employee shall assume
the obligations of Kable under,  the lease dated November 20, 1998 between Kable
and  Mercedes  Benz  Credit  Company  covering  a Mercedes  station  wagon VIN #
WDBJH82FXXX016476.  Each such party shall  execute and deliver to the other such
agreements and instruments as the other shall  reasonably  require to effectuate
such  assignment  and  assumption.  The parties  shall use their best efforts to
obtain a release to Kable from  Mercedes  Benz  Credit  Company  and,  if such a
release is not obtained,  shall enter into other  arrangements  to protect Kable
from any liability with respect to such lease.

     8.  Additional  Consideration.  Employee  understands  and agrees  that the
agreements  of and  payments  by  the  Company  provided  for  herein  represent
consideration  to Employee over and above  anything else of value which Employee
already is entitled to receive from the Company. Without limiting the generality
of the  foregoing,  Employee  represents  that (i) no  executive  of Kable  News
Company,  Inc. and (ii) to his best knowledge no executive of AMREP or any other
subsidiary  of AMREP has  received  upon  termination  of his or her  employment
severance  compensation  of  more  than  one  week's  salary  for  each  year of
employment  except in situations  where the employee  gave the employing  entity
and/or AMREP a release from claims  arising out of his or her  employment or the
termination of the employment.

     9. Employee's Release of the Company. In consideration of the agreements of
and  payments  by the  Company  provided  for  herein  and  other  terms of this
Agreement,  subject to the provisions of this Agreement Employee for himself and
his heirs and  assigns  hereby  releases  and  discharges  the  Company  and its
successors,  subsidiaries,  affiliates  and assigns,  and its present and former
shareholders,  officers,  directors,  agents,  and employees,  from all actions,
suits,  liabilities,  charges,  claims and causes of action,  known or  unknown,
fixed or contingent,  that Employee has, or may have,  arising out of Employee's
employment or termination from employment, whether before courts, administrative
agencies, or other forums wherever situated,  including, but not limited to, all
claims for wages, overtime premiums, holiday pay, pay for personal days, pay for
unused sick, absence, or vacation days, compensatory time, and any other pay for
time worked and leave of any kind to which  Employee is or may be entitled,  and
all claims  under Title VII of the Civil  Rights Act of 1964,  as  amended,  the
Civil Rights Act of 1991, the Age  Discrimination  in Employment Act of 1967, as
amended by the Older Workers' Benefit Protection Act (the "ADEA"), the Equal Pay
Act of 1963, as amended, the Employee Retirement Income Security Act of 1974, as
amended,  the Worker  Adjustment  and Retraining  Act, as amended,  the New York
Human Rights Law,  and the various  other  federal  state and local civil rights
acts  involving   discrimination   on  the  basis  of  age,  race,  sex,  sexual
orientation,  religion, disability,  national origin and marital status, and all
claims under express or implied contract theories.

     10. Certain  Claims not Released.  This Agreement does not release or waive
any claims by Employee:

         (a)      for rights arising under this Agreement;

         (b)      for salary and benefits payable to Employee in the ordinary
    course through the Termination Date;

         (c)      for worker's compensation to which Employee may be entitled in
    respect of any job-related injury which occurred prior to the Termination
    Date;

         (d)      for accrued Social Security benefits to which Employee may
    become entitled under applicable law;

         (e)      for indemnification (as an officer and/or director) for
    job-related, third-party claims arising prior to the Termination Date;

         (f)      with respect to any rights or claims that may arise under the
    ADEA after the date on which Employee signs this Agreement; or

         (g)      which are unknowable to the Employee on the date hereof and
    arise out of some past act of the Company unknown to the Employee.

     11. EEOC  Enforcement.  It is understood that this Agreement may not affect
the rights and responsibilities of the Equal Employment  Opportunity  Commission
("EEOC")  to  enforce  the  ADEA,  or be used to  justify  interfering  with the
protected  right  of  an  employee  to  file  a  charge  or  participate  in  an
investigation or proceeding conducted by the EEOC under the ADEA.

     12. Employee's Confidentiality and Noncompetition Agreements.

     (a) Employee  acknowledges  that during his employment  with the Company he
has had and while acting as a consultant  for the Company  hereunder he may have
access to confidential  information  regarding the Company and that he will not,
during or subsequent to his employment,  divulge, furnish, or make accessible to
any person (other than with the prior written  consent of the Board of Directors
of AMREP) any such  confidential  information or plans of the Company.  However,
confidential  information or plans shall exclude information or plans which: (i)
at the time of  disclosure  already  are in the  public  domain or which,  after
disclosure,  are published or otherwise become part of the public domain through
no fault of the Employee;  (ii)  Employee can show was in his  possession at the
time of the Company's  disclosure to Employee and was not acquired,  directly or
indirectly,  from the  Company  or from a third  party  under an  obligation  of
confidence;  or (iii) Employee can show were received by Employee after the time
of the Company's  disclosure from a third party who did not require  Employee to
hold it in confidence.

     (b)  Employee  agrees  that  during the  Consulting  Period he will not (i)
engage  directly  or  indirectly,  whether  individually,  or as a  shareholder,
partner, officer, director, sales representative,  employee or consultant of any
business  organization,  in activities  which are competitive  with any business
owned or operated or being  actively  considered  to be owned or operated by the
Company or any subsidiary or affiliate of the Company (a "Designated Business");
(ii) divert to any  competitor of the Company or any  subsidiary in a Designated
Business any customer of the Company or a subsidiary; (iii) solicit or encourage
any officer,  employee,  or consultant of the Company or any subsidiary to leave
its  employ;  or (iv)  call  upon  any  prospective  acquisition  candidate,  on
Employee's own behalf or on behalf of any other person,  which candidate was, to
Employee's  knowledge,  either  called upon by the Company or any  subsidiary or
with respect to which the Company or any subsidiary made an acquisition analysis
for the  purposes of acquiring  such entity.  It is  understood,  however,  that
Employee may consult with publishers.

     (c)  The  parties  hereto   acknowledge   that  Employee's   noncompetition
obligations hereunder will not preclude Employee from owning less than 1% of the
common stock of any publicly traded corporation  conducting  business activities
in a Designated  Business.  If at any time the provisions of this Section 12 are
determined  to be  invalid  or  unenforceable,  by  reason  of  being  vague  or
unreasonable as to area, duration or scope of activity,  this Section 12 will be
considered  divisible  and will become and be  immediately  amended to only such
area,  duration and scope of activity as will be determined to be reasonable and
enforceable by the court or other body having  jurisdiction over the matter; and
Employee  agrees that this Section 12 as so amended will be valid and binding as
though any invalid or unenforceable provision had not been included herein.

     13. Employee's Review and Signature.

     (a) Employee  acknowledges  he was first given a copy of this  Agreement on
July 28, 2000. Employee will have a period of 21 days from the date Employee was
first given a copy of this  Agreement in which to  carefully  study and consider
the terms of this  Agreement.  During  this  consideration  period  Employee  is
advised  to talk to an  attorney  about  this  Agreement  and  what it  means to
Employee.

     (b) If at any time on or before  the 21st day after  the day  Employee  was
first given a copy of this  Agreement,  Employee  decides to accept the terms of
this Agreement,  Employee  should date and sign the  "Employee's  Acceptance" on
page 10 of this Agreement,  and return the signed copy to AMREP at 641 Lexington
Avenue, New York, New York 10022,  attention of: Peter M. Pizza,  Secretary,  so
that it is received by the Company no later than 25 days after the day  Employee
was first given a copy of this Agreement.

     (c) If Employee has spoken to an attorney  about this  Agreement,  Employee
should also have that attorney complete the "Attorney's Statement" which appears
at the end of this Agreement.

     14.  Cancellation on Employee's Failure to Sign. If Employee has not signed
and returned a copy of this Agreement prior to the close of business on the 25th
day after  Employee  was first  given a copy of this  Agreement,  or if Employee
cancels this  Agreement as provided in Section 15, then the  Company's  proposed
undertakings in this Agreement shall be automatically withdrawn and canceled and
it will be as if the Company had never made such proposed undertakings.

     15. Effectiveness of Agreement; Employee's Right to Cancel.

     (a) This  Agreement will not become  effective or  enforceable  until 12:01
A.M.  on the tenth  (10th)  day after the  Company  has  received a copy of this
Agreement signed by Employee. That day and time is called the "Effective Date".

     (b) UNTIL THE  EFFECTIVE  DATE,  EMPLOYEE HAS THE LEGAL RIGHT UNDER FEDERAL
LAW TO CANCEL THIS  AGREEMENT.  THE FACT THAT  EMPLOYEE  HAS SIGNED AND RETURNED
THIS  AGREEMENT TO THE COMPANY WILL NOT PREVENT  EMPLOYEE  FROM  CANCELING  THIS
AGREEMENT PRIOR TO THE EFFECTIVE DATE.

     (c) If Employee  decides to cancel this  Agreement,  Employee  may do so by
notifying  AMREP in writing not later than the  Effective  Date at the following
address:

                           641 Lexington Avenue
                           New York, New York 10022
                           Att: Peter M. Pizza, Secretary


If Employee cancels by mail or telegram,  Employee must send the notice no later
than the Effective Date.

     (d) IF  EMPLOYEE  HAS SIGNED  AND  RETURNED  A COPY OF THIS  AGREEMENT  AND
EMPLOYEE  DOES NOT GIVE THE COMPANY A WRITTEN  CANCELLATION  NOTICE PRIOR TO THE
EFFECTIVE DATE, THIS AGREEMENT WILL BECOME BINDING ON EMPLOYEE.

     16. Notices.  Notices under this Agreement shall be in writing and shall be
hand  delivered or sent by  certified  mail,  return  receipt  requested,  or by
established overnight delivery service:



          If to the Company at - AMREP Corporation
                                                   641 Lexington Avenue
                                                   New York, New York 10022
                                                   Att: Peter M. Pizza

                                                                       and

          If to Employee at    - 1460 Jacksons Corner Road
                                                   Milan, New York 12571


or to such other address as either the Company or Employee  shall specify to the
other by like notice.

     17. Entire  Agreement;  Amendments.  This Agreement is the entire agreement
between  Employee and the Company  with  respect to all matters  relating to the
termination of Employee's employment by the Company. The terms of this Agreement
may only be altered by a writing signed by Employee and the Company.

     18.  Governing Law. This Agreement shall be deemed to have been made within
the  County  of New  York,  State of New  York,  and  shall be  interpreted  and
construed  enforced  in  accordance  with the laws of the  State of New York and
before the Courts of the State of New York, County of New York.

                                  AMREP CORPORATION

                                  By:/s/ Edward B. Cloues, II
                                  Name:  Edward B. Cloues, II
                                  Title: Chairman





                                  KABLE NEWS COMPANY, INC.

                                  By:/s/ Mohan Vachani
                                  Name:  Mohan Vachani
                                  Title: Vice President


                                  Dated:  July 28, 2000

Copy received July 28, 2000

/s/ Daniel Friedman
Daniel Friedman



                       EMPLOYEE'S AGREEMENT AND ACCEPTANCE


     I hereby  acknowledge that I have had the opportunity to consider the terms
of the above Employment Termination and Consulting Agreement and General Release
for a period of 21 days. I have  carefully read and studied said Agreement and I
fully  understand  its terms and the terms of the  release  of claims  contained
therein and the consequences to me of my acceptance of said Agreement and giving
of such release.  I hereby  accept and agree to the terms of said  Agreement and
the release, voluntarily and of my own free will.

                                                     AGREED TO AND ACCEPTED:



                                            /s/ Daniel Friedman

                                            Daniel Friedman

                                            Dated: July 31   , 2000