Document:

ORIGINAL
NAME                       ISSUE DATE                PRIN              DOC #
----------------------------------------------------------------------------
HITEL                      7/31/98                 $45,000            9812
Marsala*                   7/31/98                 $50,000            9813
Sterling/Anniston          7/31/98                 $45,000            9814
A.CRAWFORD                 7/31/98                 $35,000            9815
BOOT                       7/31/98                 $50,000            9816

* Filed herewith
<PAGE>

                       NEW YORK REGIONAL RAIL CORPORATION
                                 4302 FIRST AVE.
                               BROOKLYN, NY 11232
                        (718) 788-3690 FAX (718) 788-4462

                              PROMISSORY NOTE 9813
                                  July 31, 1998

FOR THE VALUE RECEIVED, the undersigned promises to pay to the order of John
Marsala, the sum of fifty thousand ($50,000.00) United States of America
Dollars.

The Note amount shall be paid to Note Holder in a single payment of fifty
thousand USA Dollars ($50,000.00), plus all accrued interest due, on or before
September 30, 1998. Interest will be Ten percent (10%) per annum.

The maker grants the Holder an OPTION to acquire 56,250 non restricted Common
Stock for:

         (i)       twenty cents ($.20) or
         (ii)     a value per share calculated by the ninety percent (90%) of
                  the average closing price of the common shares for the
                  previous five trading days prior to the date the conversion is
                  exercised by the Note holder.

Said OPTION will be exercisable until January 31, 1999. Maker warrants that
Common shares provided to Note Holder on exercise will be issued without
restrictions.

To receive a certificate for the Common shares when the Option is exercised, the
Note will be presented to the Corporation, with the accompanying form of
subscription duly executed. A subscription form is provided as an attachment to
this Note.

In the event of default, the undersigned agrees to pay all reasonable attorney
fees and costs of collection.

New York Regional Rail Corporation

By:_________________________
PresidentORIGINAL
NAME                       ISSUE DATE                PRIN              DOC #
----------------------------------------------------------------------------
MARSALA*                   12/18/98                 $205,802           9711R2
A.CRAWFORD                 12/18/98                 $ 66,667           9712R

<PAGE>

                          NY REGIONAL RAIL CORPORATION
                                 4302 FIRST AVE.
                               BROOKLYN, NY 11232
                        (718) 788-3690 FAX (718) 788-4462

                             PROMISSORY NOTE 9711R2

                                    12/18/98

         FOR THE VALUE RECEIVED, the undersigned promises to pay to the order of
JOHN MARSALA the sum of TWO HUNDRED FIVE THOUSAND EIGHT HUNDRED TWO DOLLARS
($205,802) United States of America Dollars.

         The Note amount shall be paid to Note Holder in a single payment TWO
HUNDRED FIVE THOUSAND EIGHT HUNDRED TWO DOLLARS ($205,802), plus all accrued
interest due on or before March 31, 1999. Interest will be Ten percent (10%) per
annum.

         In addition, the maker provides to the Note holder, listed above, the
IRREVOCABLE right to convert this Note into Common Shares of NEW YORK REGIONAL
RAIL CORPORATION ("NYRR"), as said Common Shares are available under the
provisions of the non-public offering, exemption as provided in the U.S.
Securities Act of 1933 (and Regulation D thereunder) for as long, as this Note
remains open. The conversion rights granted to the Note Holder will be
calculated based on:

         (i)      on the value of the Note divided by $0.075 or
         (ii)     on the value of the note divided by the ninety percent (90%)
                  of the average closing bid price of the common shares for the
                  previous five trading days prior to the date the conversion is
                  exercised by the Note holder.

The conversion rights represented by this note are exercisable at the option of
the Note Holder in whole at any time within the period above specified.

Upon exercise of Note 9711R2 conversion to Common shares the maker grants Note
Holder an OPTION to acquire a block of 1 shares of non restricted Common Stock
for twelve ($0.12) for every share holder acquires through converting this NOTE
9711R2 into INYRR common stock. Said OPTION will be exercisable until June 30,
1999.

                  Maker warrants that Common shares provided to Note Holder on
Conversion of Note or any other Common shares will be issued to Holder as result
of provisions of this Note will be issued without restriction.

                  To receive a certificate for the Common shares when the Note
is converted, the Note will be presented and surrendered to the Corporation,
with the accompanying form of subscription duly executed. A conversion
subscription form is provided as an attachment to this Note.

In the event of default, the undersigned agrees to pay all reasonable attorney
fees and cost of collection.

New York Regional Rail

By:__________________
PresidentNY REGIONAL RAIL CORPORATION
                                 4302 FIRST AVE.
                               BROOKLYN, NY 11232
                        (718) 788-3690 FAX (718) 788-4462

                              PROMISSORY NOTE 9810r
                         June 1, 1998, revised 12/18/98

         FOR THE VALUE RECEIVED, the undersigned promises to pay to the order of
Daniel Pipitone the sum of Eleven Thousand Eight Hundred ($11,800.00) United
States of America Dollars.

         The Note amount shall be paid to Note Holder in a single payment plus
all accrued interest due, on or before March 31, 1999. Interest will be Ten
percent (10%) per annum.

         in addition, the maker provides to the Note holder, listed above, the
IRREVOCABLE right to convert this Note into Common Shares of NEW YORK REGIONAL
RAIL CORPORATION ("NYRR"), as said Common Shares are available under the
provisions of the non-public offering exemption as provided in the U.S.
Securities Act of 1933 (and Regulation D thereunder) for as long as this Note
remains open. The conversion rights granted to the Note Holder will be
calculated based on the value of the Note divided by eleven and three tenths
cents ($.113).

         The conversion rights represented by this Note are exercisable at the
option of the Note Holder in whole at any time within the period above
specified.

         Upon exercise of Note 9810 conversion to Common shares the maker grants
Note Holder an OPTION to acquire a block of 0.50 shares of non restricted Common
Stock for eighteen cents a share ($0.18) for every share holder acquires through
converting this NOTE into NYRR common stock. In addition, Holder has rights to
acquire 31,765 shares of non restricted Common Stock for twenty five cents a
share ($0.25), said rights to expire June 30, 1999. Said OPTION will be
exercisable until September 30. 1999.

         To receive a certificate for the Common shares when the Option is
exercised. the Note will be presented to the Corporation. with the accompanying
form of subscription duly executed. A subscription form is provided as an
attachment to this note. Upon receipt of a properly executed subscription form
the Maker will cause to have issued the -appropriate number of common shares,
said shares being sent from the Transfer Agent no later than ten business days
from receipt of the subscription form. If said shares are not sent by the
aforementioned date Maker agrees to issue additional shares is a penalty. Said
penalty shares will be calculated by multiplying the number of issued converted
shares(N) by 0.0125 and then by each additional delay period(P), each delay
period being five business days or part, thereof.

                          Penalty Shares = N x 0.125x P

Maker agrees that Holder will receive a lower conversion price or strike price
than defined herein if Maker provides a lower price to a third party at any time
in the period from the date of this note to the date Holder converts this Note
or exercises its warrants.

In the event of default, the undersigned agrees to pay all reasonable attorney
fees and costs of collection.

New York Regional Rail Corporation

By:_______________________
  PresidentORIGINAL
NAME                       ISSUE DATE                PRIN              DOC #
----------------------------------------------------------------------------
HITEL*                      12/18/98                $46,750            9812R
MARSALA                     12/18/98                $51,944            9813R
A.CRAWFORD                  12/18/98                $36,361            9815R
BOOT                        12/18/98                $51,944            9816R
HIRSCH,S                    12/18/98                $50,352            9818
Void                                                                   9819
MARSALA                     12/18/98                $11,284            9820
A.CRAWFORD                  12/18/98                $80,000            9821

* Filed herewith

<PAGE>

                          NY REGIONAL RAIL CORPORATION
                                 4302 FIRST AVE.
                               BROOKLYN, NY 11232
                        (718) 788-3690 FAX (718) 788-4462

                              PROMISSORY NOTE 9812R

                                    12/18/98

         FOR THE VALUE RECEIVED, the undersigned promises to pay to the order of
Hi-Tel Group the sum of FOURTY SIX THOUSAND SEVEN HUNDRED FIFTY DOLLARS
($46,750) United States of America Dollars.

         The Note amount shall be paid to Note Holder in a single payment of
FOURTY SIX THOUSAND SEVEN HUNDRED FIFTY DOLLARS ($46,750), plus all accrued
interest due on or before March 31, 1999. Interest will be Ten percent (10%) per
annum.

         In addition, the maker provides to the Note holder, listed above, the
IRREVOCABLE right to convert this Note into Common Shares of NEW YORK REGIONAL
RAIL CORPORATION ("NYRR"), as said Common Shares are available under the
provisions of the non-public offering, exemption as provided in the U.S.
Securities Act of 1933 (and Regulation D thereunder) for as long, as this Note
remains open. The conversion rights granted to the Note Holder will be
calculated based on:

         (i)      on the value of the Note divided by $0.14 or
         (ii)     on the value of the note divided by the ninety percent (90%)
                  of the average closing bid price of the common shares for the
                  previous five trading days prior to the date the conversion is
                  exercised by the Note holder.

The conversion rights represented by this note are exercisable at the option of
the Note Holder in whole at any time within the period above specified.

Upon exercise of Note 9812R conversion to Common shares the maker grants Note
Holder an OPTION to acquire a block of .50 shares of non restricted Common Stock
for eighteen cents ($0.18) for every share holder acquires through converting
this NOTE 9812R into NYRR common stock. Said OPTION will be exercisable until
September 30, 1999.

         To receive a certificate for the Common shares when the Option is
exercised. the Note will be presented to the Corporation. with the accompanying
form of subscription duly executed. A subscription form is provided as an
attachment to this 4ote. Upon receipt of a properly executed subscription form
the Maker will cause to have issued the -appropriate number of common shares,
said shares being sent from the Transfer Agent no later than ten business days
from receipt of the subscription form. If said shares are not sent by the
aforementioned date Maker agrees to issue additional shares is a penalty. Said
penalty shares will be calculated by multiplying the number of issued converted
shares(N) by 0.0125 and then by each additional delay period(P), each delay
period being five business days or part, thereof.

                          Penalty Shares = N x 0.125x P

Maker agrees that Holder will receive a lower conversion price or strike price
than defined herein if Maker provides a lower price to a third party at any time
in the period from the date of this note to the date Holder converts this Note
or exercises its warrants.

In the event of default, the undersigned agrees to pay all reasonable attorney
fees and costs of collection.

New York Regional Rail

By:__________________
President

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