Document:

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     AMENDMENT No. 5, dated as of September 18, 2000, to WARRANT AGREEMENT dated
as of September 15, 1998, as previously amended by Amendment No. 1 dated as of
September 15, 1999, Amendment No. 2 dated as of July 27, 2000, Amendment No. 3
dated as of August 15, 2000 and Amendment No. 4 dated as of September 15, 2000
(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 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 September
18, 2000 to August 1, 2001.

     3.    Except as set forth in this Amendment No. 5, 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. 5
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:---------------------------------------
                               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:----------------------------------------
                               Name:  John R. S. Jacobsson
                               Title: Vice President<PAGE>

     AMENDMENT No. 5, dated as of September 18, 2000, to WARRANT AGREEMENT
dated as of September 15, 1998, as previously amended by Amendment No. 1 dated
as of September 15, 1999, Amendment No. 2 dated as of July 27, 2000, Amendment
No. 3 dated as of August 15, 2000 and Amendment No. 4 dated as of September 15,
2000 (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 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 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 18, 2000 to August 1, 2001.

         3.     Except as set forth in this Amendment No. 5, 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. 5 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:---------------------------------------
                                  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:--------------------------------------
                                  Name:  John R. S. Jacobsson
                                  Title: Vice President<PAGE>

        AMENDMENT No. 6, dated as of September 18, 2000, to WARRANT AGREEMENT
dated as of September 15, 1998, as previously amended by Amendment No. 1 dated
as of August 30, 1999, Amendment No. 2 dated as of September 15, 1999, Amendment
No. 3 dated as of July 27, 2000, Amendment No. 4 dated as of August 15, 2000 and
Amendment No. 5 dated as of September 15, 2000 (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 18, 2000 to August 1, 2001.

        3.       Except as set forth in this Amendment No. 6, 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. 6
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:______________________________________
                             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:______________________________________
                             Name:  John R. S. Jacobsson
                             Title: Vice President<PAGE>

         AMENDMENT No. 7, dated as of September 18, 2000, to WARRANT AGREEMENT
dated as of September 15, 1998, as previously amended by Amendment No. 1 dated
as of December 18, 1998, Amendment No. 2 dated as of August 30, 1999, Amendment
No. 3 dated as of September 15, 1999, Amendment No. 4 dated as of July 27, 2000,
Amendment No. 5 dated as of August 15, 2000 and Amendment No. 6 dated as of
September 15, 2000 (as amended, 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, 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 18, 2000 to August 1, 2001.

         3.   Except as set forth in this Amendment No. 7, 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. 7
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:-------------------------------------------
                                   Name:  Adam B. Gilbert
                                   Title: Executive Vice President

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

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

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