Document:

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         AMENDMENT No. 1, dated as of August 30, 1999, to WARRANT AGREEMENT
dated as of September 15, 1998 (the "Original Agreement") between Insignia
Financial Group, Inc., a Delaware corporation formerly known as Insignia/ESG
Holdings, Inc. (the "Corporation"), and APTS PARTNERS, L.P., a Delaware limited
partnership ("APTS"), providing for the issuance of warrants to purchase 316,667
shares of common stock, par value $.01 per share, of the Corporation.

         WHEREAS, the Corporation and APTS desire to extend the Expiration Date
(as defined in the Original Agreement) of the Warrants provided for in the
Original Agreement;

         NOW, THEREFORE, the parties hereto agree as follows:

         1. Terms used herein shall have the meanings set forth in the Original
Agreement, unless otherwise defined herein.

         2. The Expiration Date of the Warrants is hereby extended from
September 1, 1999 to September 15, 1999.

         3. Except as set forth in this Amendment No. 1, the Original Agreement
is hereby ratified and conformed in all respects.

         4. Any Warrant Certificate evidencing Warrants need not be amended to
reflect the change in Expiration Date provided for herein in order to give full
effect to such change.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1
to the Original Warrant Agreement to be duly executed and delivered by their
proper and duly authorized officers, as of the date and year first above
written.

                                  INSIGNIA FINANCIAL GROUP, INC.

                                  By: /s/ Adam B. Gilbert
                                      ---------------------------------
                                      Name:  Adam B. Gilbert
                                      Title: Executive Vice President

                                  APTS PARTNERS, L.P.
                                  By: APTS GP Partner, L.P., its general partner
                                  By: APTS Acquisition Corporation, its general
                                        partner

                                  By: /s/ John R. S. Jacobsson
                                      ---------------------------------
                                      Name:  John R. S. Jacobsson
                                      Title: Vice President<PAGE>

         AMENDMENT No. 2, dated as of September 15, 1999, to WARRANT AGREEMENT
dated as of September 15, 1998, as previously amended by Amendment No. 1 dated
as of August 30, 1999 (as amended, the "Original Agreement") between Insignia
Financial Group, Inc., a Delaware corporation formerly known as Insignia/ESG
Holdings, Inc. (the "Corporation"), and APTS Partners, L.P., a Delaware limited
partnership ("APTS"), providing for the issuance of warrants to purchase 316,667
shares of common stock, par value $.01 per share, of the Corporation.

         WHEREAS, pursuant to that certain letter agreement dated the date
hereof, the Corporation and APTS desire to extend the Expiration Date (as
defined in the Original Agreement) of the Warrants provided for in the Original
Agreement;

         NOW, THEREFORE, the parties hereto agree as follows:

         1. Terms used herein shall have the meanings set forth in the Original
Agreement, unless otherwise defined herein.

         2. The Expiration Date of the Warrants is hereby extended from
September 15, 1999 to June 1, 2000.

         3. Except as set forth in this Amendment No. 2, the Original Agreement
is hereby ratified and conformed in all respects.

         4. Any Warrant Certificate evidencing Warrants need not be amended to
reflect the change in Expiration Date provided for herein in order to give full
effect to such change.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2
to the Original Agreement to be duly executed and delivered by their proper and
duly authorized officers, as of the date and year first above written.

                                 INSIGNIA FINANCIAL GROUP, INC.

                                 By: /s/ Andrew L. Farkas
                                     -------------------------------------------
                                     Name:  Andrew L. Farkas
                                     Title: Chairman and Chief Executive Officer

                                 APTS PARTNERS, L.P.

                                 By: APTS GP Partners, L.P., its general partner
                                 By: APTS Acquisition Corporation, its general
                                       partner

                                 By: /s/ John R. S. Jacobsson
                                     -------------------------------------------
                                     Name:  John R. S. Jacobsson
                                     Title: Vice President<PAGE>

         AMENDMENT No. 1, dated as of September 15, 1999, to WARRANT AGREEMENT
dated as of September 15, 1998 (the "Original Agreement") between Insignia
Financial Group, Inc., a Delaware corporation formerly known as Insignia/ESG
Holdings, Inc. (the "Corporation"), and APTS Partners, L.P., a Delaware limited
partnership ("APTS"), providing for the issuance of warrants to purchase 293,333
shares of common stock, par value $.01 per share, of the Corporation.

         WHEREAS, pursuant to that certain letter agreement dated the date
hereof, the Corporation and APTS desire to shorten the Expiration Date (as
defined in the Original Agreement) of the Warrants provided for in the Original
Agreement;

         NOW, THEREFORE, the parties hereto agree as follows:

         1. Terms used herein shall have the meanings set forth in the Original
Agreement, unless otherwise defined herein.

         2. The Expiration Date of the Warrants is hereby shortened from January
17, 2002 to August 1, 2000.

         3. Except as set forth in this Amendment No. 1, the Original Agreement
is hereby ratified and confirmed in all respects.

         4. Any Warrant Certificate evidencing Warrants need not be amended to
reflect the change in Expiration Date provided for herein in order to give full
effect to such change.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1
to the Original Agreement to be duly executed and delivered by their proper and
duly authorized officers, as of the date and year first above written.

                                 INSIGNIA FINANCIAL GROUP, INC.

                                 By: /s/ Adam B. Gilbert
                                     -------------------------------------------
                                     Name:  Adam B. Gilbert
                                     Title: Executive Vice President

                                 APTS PARTNERS, L.P.

                                 By: APTS GP Partners, L.P., its general partner
                                 By: APTS Acquisition Corporation, its general
                                       partner

                                 By: /s/ John R. S. Jacobsson
                                     -------------------------------------------
                                     Name:  John R. S. Jacobsson
                                     Title: Vice President<PAGE>

         AMENDMENT No. 1, dated as of September 14, 1999, to WARRANT AGREEMENT
dated as of September 15, 1998 (the "Original Agreement") between Insignia
Financial Group, Inc., a Delaware corporation formerly known as Insignia/ESG
Holdings, Inc. (the "Corporation"), and APTS Partners, L.P., a Delaware limited
partnership ("APTS"), providing for the issuance of warrants to purchase 266,667
shares of common stock, par value $.01 per share, of the Corporation.

         WHEREAS, pursuant to that certain letter agreement dated the date
hereof, the Corporation and APTS desire to extend the Expiration Date (as
defined in the Original Agreement) of the Warrants provided for in the Original
Agreement;

         NOW, THEREFORE, the parties hereto agree as follows:

         1. Terms used herein shall have the meanings set forth in the Original
Agreement, unless otherwise defined herein.

         2. The Expiration Date of the Warrants is hereby extended from May 1,
2000 to June 1, 2000.

         3. Except as set forth in this Amendment No. 1, the Original Agreement
is hereby ratified and confirmed in all respects.

         4. Any Warrant Certificate evidencing Warrants need not be amended to
reflect the change in Expiration Date provided for herein in order to give full
effect to such change.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1
to the Original Agreement to be duly executed and delivered by their proper and
duly authorized officers, as of the date and year first above written.

                                 INSIGNIA FINANCIAL GROUP, INC.

                                 By: /s/ Andrew L. Farkas
                                     -------------------------------------------
                                     Name:  Andrew L. Farkas
                                     Title: Chairman and Chief Executive Officer

                                 APTS PARTNERS, L.P.

                                 By: APTS GP Partners, L.P., its general partner
                                 By: APTS Acquisition Corporation, its general
                                       partner

                                 By: /s/ John R. S. Jacobsson
                                     -------------------------------------------
                                     Name:  John R. S. Jacobsson
                                     Title: Vice President<PAGE>

         AMENDMENT No. 1, dated as of December 18, 1998, to WARRANT AGREEMENT
dated as of September 15, 1998 (the "Original Agreement") between Insignia
Financial Group, Inc., a Delaware corporation formerly known as Insignia/ESG
Holdings, Inc. (the "Corporation"), and APTS V, L.L.C., a Delaware limited
liability company ("APTS"), providing for the issuance of warrants to purchase
51,944 shares of common stock, par value $.01 per share, of the Corporation.

         WHEREAS, the Corporation and APTS desire to extend the Expiration Date
(as defined in the Original Agreement) of the Warrants provided for in the
Original Agreement;

         NOW, THEREFORE, the parties hereto agree as follows:

         1. Terms used herein shall have the meanings set forth in the Original
Agreement, unless otherwise defined herein.

         2. The Expiration Date of the Warrants is hereby extended from January
1, 1999 to September 1, 1999.

         3. Except as set forth in this Amendment No. 1, the Original Agreement
is hereby ratified and conformed in all respects.

         4. Any Warrant Certificate evidencing Warrants need not be amended to
reflect the change in Expiration Date provided for herein in order to give full
effect to such change.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1
to the Original Warrant Agreement to be duly executed and delivered by their
proper and duly authorized officers, as of the date and year first above
written.

                                 INSIGNIA FINANCIAL GROUP, INC.

                                 By: /s/ Andrew L. Farkas
                                     -------------------------------------------
                                     Name:  Andrew L. Farkas
                                     Title: Chairman and Chief Executive Officer

                                 APTS V, L.L.C.
                                 By: APTS Partners, L.P., the managing member
                                 By: APTS GP Partner, L.P., its general partner
                                 By: APTS Acquisition Corporation, its general
                                       partner

                                 By: /s/ John R. S. Jacobsson
                                     -------------------------------------------
                                     Name:  John R. S. Jacobsson
                                     Title: Vice President

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