Document:

EXHIBIT 4.11

THE SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES HAVE BEEN
ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED, OR
ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE
SECURITIES UNDER THE SECURITIES ACT OR APPLICABLE STATE SECURITIES LAWS, OR AN
OPINION OF COUNSEL REASONABLY ACCEPTABLE TO THE ISSUER THAT REGISTRATION IS NOT
REQUIRED.

THE HOLDER IS ENTITLED TO THE RIGHTS, SUBJECT TO THE OBLIGATIONS, OF THE
REGISTRATION RIGHTS PROVISIONS ATTACHED HERETO AS SUPPLEMENT A TO THIS WARRANT.

                        EVCI CAREER COLLEGES INCORPORATED

                          COMMON STOCK PURCHASE WARRANT

No. RK-1

          EVCI CAREER COLLEGES INCORPORATED, a Delaware corporation (the
"COMPANY"), for value received, hereby certifies that NECHAMA KAPLAN or
registered assigns (the "HOLDER"), is entitled to purchase from the Company, at
the Purchase Price, 45,000 shares of its duly authorized, validly issued, fully
paid and nonassessable shares of Common Stock, par value $.0001 per share, of
the Company ("COMMON STOCK"), at any time or from time to time prior to 5:00
P.M., New York City time, on the Expiration Date, all subject to the terms,
conditions and adjustments set forth below.

          Capitalized terms used herein and not otherwise defined herein shall
have the meanings assigned such terms in the Agreement.

          1. DEFINITIONS. As used herein, unless the context otherwise requires,
the following terms shall have the meanings indicated:

          "BUSINESS DAY" shall mean any day other than a Saturday or a Sunday or
a day on which commercial banking institutions in the City of New York are
authorized by law to be closed. Any reference to "days" (unless Business Days
are specified) shall mean calendar days. In any circumstance where a date of
determination under this Warrant falls on a date that is not a Business Day, it
shall be deemed to be the next Business Day.

          "COMMON STOCK" shall have the meaning assigned to it in the
introduction to this Warrant, such term to include any stock into which such
Common Stock shall have been changed or any stock resulting from any
reclassification of such Common Stock, and all other stock of any class or
classes (however designated) of the Company the holders of which have the right,
without limitation as to amount, either to all or to a share of the balance of
current dividends and liquidating dividends after the payment of dividends and
distributions on any shares entitled to preference.

<PAGE>

          "COMPANY" shall have the meaning assigned to it in the introduction to
this Warrant, such term to include any corporation or other entity which shall
succeed to or assume the obligations of the Company hereunder in compliance with
Section 3.

          "EXCHANGE ACT" shall mean the Securities Exchange Act of 1934, as
amended from time to time, and the rules and regulations thereunder, or any
successor statute.

          "EXPIRATION DATE" shall mean September 25, 2008.

          "PERSON" shall mean any individual, firm, partnership, corporation,
trust, joint venture, association, joint stock company, limited liability
company, unincorporated organization or any other entity or organization,
including a government or agency or political subdivision thereof, and shall
include any successor (by merger or otherwise) of such entity.

          "PURCHASE PRICE" shall mean $2.25 subject to adjustment and
readjustment from time to time as provided in Section 2, and, as so adjusted or
readjusted, shall remain in effect until a further adjustment or readjustment
thereof is required by Section 2.

          "SECURITIES ACT" shall mean the Securities Act of 1933, as amended
from time to time, and the rules and regulations thereunder, or any successor
statute.

          "WARRANT" shall mean this Common Stock Purchase Warrant.

          "WARRANT SHARES" shall mean the number of shares of Common Stock that
can be purchased upon exercise of this Warrant.

          1.   EXERCISE OF WARRANT.

          1.1. MANNER OF EXERCISE; PAYMENT OF THE PURCHASE PRICE.

          (a)  This Warrant may be exercised by the Holder hereof, in whole or
in part, at any time or from time to time prior to the Expiration Date, by
surrendering to the Company at its principal office this Warrant, with the form
of Election to Purchase Warrant Shares attached hereto as Exhibit A (or a
reasonable facsimile thereof) duly executed by the Holder and accompanied by
payment of the Purchase Price for the number of shares of Common Stock specified
in such form.

          (b) Payment of the Purchase Price shall be made in United States
currency by cash or delivery of a certified check or bank draft payable to the
order of the Company or by wire transfer to the Company.

          1.2. WHEN EXERCISE EFFECTIVE. Each exercise of this Warrant shall be
deemed to have been effected immediately prior to the close of business on the
Business Day on which this Warrant shall have been surrendered to, and the
Purchase Price shall have been received by, the Company and at such time the

                                      2
<PAGE>

Person or Persons in whose name or names any certificate or certificates for
shares of Common Stock shall be issuable upon such exercise shall be deemed to
have become the holder or holders of record thereof for all purposes.

          1.3. DELIVERY OF STOCK CERTIFICATES, ETC.; CHARGES, TAXES AND
EXPENSES.

          (a) As soon as practicable after each exercise of this Warrant, in
whole or in part, the Company shall cause to be issued in such denominations as
may be requested by the Holder in the Election to Purchase Warrant Shares, in
the name of and delivered to the Holder or, subject to applicable securities
laws, as the Holder may direct.

               (i) a certificate or certificates for the number of Warrant
          Shares to which the Holder shall be entitled upon such exercise plus,
          in lieu of issuance of any fractional share to which the Holder would
          otherwise be entitled, a Company check pursuant to Section 6.4, and

               (ii) in case such exercise is for less than all of the Warrant
          Shares a new Warrant or Warrants of like tenor, covering the balance
          of the Warrant Shares.

          (b) Issuance of Warrant Shares upon the exercise of this Warrant shall
be made without charge to the Holder hereof for any issue tax or other
incidental expense, in respect of the issuance of such certificates, all of
which such taxes and expenses shall be paid by the Company; provided, however,
the Holder shall pay any applicable transfer or similar tax resulting from the
issuance of Warrant Shares to any Person other than the Holder.

          2. ADJUSTMENTS.

          2.1. STOCK DIVIDENDS, SPLITS. In the event that the Company shall (a)
issue additional shares of the Common Stock as a dividend or other distribution
on the outstanding Common Stock, (b) subdivide its outstanding shares of Common
Stock, or (c) combine its outstanding shares of Common Stock into a smaller
number of shares of Common Stock, then, in each such event, the Purchase Price
shall, simultaneously with the happening of such event, be adjusted by
multiplying the then Purchase Price by a fraction, the numerator of which shall
be the number of shares of Common Stock outstanding immediately prior to such
event and the denominator of which shall be the number of shares of Common Stock
outstanding immediately after such event, and the product so obtained shall
thereafter be the Purchase Price then in effect. The Purchase Price, as so
adjusted, shall be readjusted in the same manner upon the happening of any
successive event or events described herein in this Section 2. The number of
Warrant Shares that the Holder shall thereafter, be entitled to receive on the
exercise hereof as provided in Section 1, shall be increased to a number
determined by multiplying the number of Warrant Shares that would otherwise (but
for the provisions of this Section 2) be issuable on such exercise by a fraction
of which the numerator is the Purchase Price that would otherwise (but for the
provisions of this Section 2) be in effect, and the denominator is the Purchase
Price in effect on the date of such exercise.

          2.2. DE MINIMIS ADJUSTMENTS. If the amount of any adjustment of the
Purchase Price per share required pursuant to this Section 2 would be less than
$.01, such amount shall be carried forward and the adjustment with respect

                                       3
<PAGE>

thereto made at the time of and together with any subsequent adjustment which,
together with such amount and any other amount shall aggregate a change in the
Purchase Price of at least $.01 per share. All calculations under this Warrant
shall be made to the nearest .001 of a cent or to the nearest one-hundredth of a
share, as the case may be.

          3.   CONSOLIDATION, MERGER, ETC.

          3.1. ADJUSTMENTS FOR CONSOLIDATION, MERGER, SALE OF ASSETS,
REORGANIZATION, ETC. In case the Company after the date hereof shall (a)
consolidate with or merge into any other Person and shall not be the continuing
or surviving corporation of such consolidation or merger, or (b) permit any
other Person to consolidate with or merge into the Company and the Company shall
be the continuing or surviving Person but, in connection with such consolidation
or merger, the Common Stock shall be changed into or exchanged for stock or
other securities of any other Person or cash or any other property, or (c)
transfer all or substantially all of its properties or assets to any other
Person in one or more related transactions, or (d) effect a capital
reorganization or reclassification of the Common Stock then, and in the case of
each such transaction, proper provision shall be made so that, upon the basis
and the terms and in the manner provided in this Warrant, the Holder of this
Warrant, upon the exercise hereof at any time after the consummation of such
transaction, shall be entitled to receive (at the aggregate Purchase Price in
effect at the time of such consummation for all Warrant Shares issuable upon
such exercise immediately prior to such consummation), in lieu of the Common
Stock issuable upon such exercise prior to such consummation, the amount of
securities, cash or other property to which such Holder would actually have been
entitled as a stockholder upon such consummation if such Holder had exercised
this Warrant immediately prior thereto, subject to adjustments (subsequent to
such consummation) as nearly equivalent as possible to the adjustments provided
for in Section 2.

          3.2. ASSUMPTION OF OBLIGATIONS. Notwithstanding anything contained in
this Warrants, the Company shall not effect any of the transactions described in
clauses (a) through (d) of Section 3.1 unless, prior to the consummation
thereof, each Person (other than the Company) which may be required to deliver
any stock, securities, cash or property upon the exercise of this Warrant as
provided herein shall assume, by written instrument delivered to, and reasonably
satisfactory to, the Holder of this Warrant, the obligations of the Company
under this Warrant (and, if the Company shall survive the consummation of such
transaction, such assumption shall be in addition to, and shall not release the
Company from, any continuing obligations of the Company under this Warrant).

          4. CERTIFICATE AS TO ADJUSTMENTS. In each case of any adjustment or
readjustment pursuant to Section 2, the Company at its expense shall promptly
compute such adjustment or readjustment in accordance with the terms of this
Warrant and prepare a certificate, signed by the Chief Financial Officer, the
Treasurer or one of the Assistant Treasurers of the Company, setting forth such
adjustment or readjustment and showing in reasonable detail the method of
calculation thereof.

          5. RESERVATION OF STOCK, ETC. The Company shall at all times reserve
and keep available, solely for issuance and delivery upon exercise of the
Warrants, 100% of the number of Warrant Shares from time to time issuable upon
exercise of all Warrants at the time outstanding. All Warrant Shares issuable

                                       4
<PAGE>

upon exercise of any Warrants shall be duly authorized and, when issued upon
such exercise, shall be validly issued and, in the case of shares, fully paid
and nonassessable with no liability on the part of the holders thereof, and, in
the case of all securities, shall be free from all taxes, liens, security
interests, encumbrances, preemptive rights and charges, except for the payment
of applicable transfer or similar taxes by the Holder upon issuance to a Person
other than the Holder. Subsequent to the Expiration Date, no shares of stock
need be reserved in respect of any unexercised portion of this Warrant.

          6. REGISTRATION AND TRANSFER OF WARRANTS, ETC.

          6.1. WARRANT REGISTER; OWNERSHIP OF WARRANTS. Each Warrant issued by
the Company shall be numbered and shall be registered in a warrant register (the
"WARRANT REGISTER") as it is issued and transferred, which Warrant Register
shall be maintained by the Company at its principal office or, at the Company's
election and expense, by a warrant agent or the Company's Transfer Agent. The
Company shall be entitled to treat the registered Holder of any Warrant on the
Warrant Register as the owner in fact thereof for all purposes and shall not be
bound to recognize any equitable or other claim to or interest in such Warrant
on the part of any other Person, and shall not be affected by any notice to the
contrary, except that, if and when any Warrant is properly assigned in blank,
the Company may (but shall not be obligated to) treat the bearer thereof as the
owner of such Warrant for all purposes. A Warrant, if properly assigned, may be
exercised by a new holder without a new Warrant first having been issued.

          6.2. TRANSFER OF WARRANTS AND COMPLIANCE WITH SECURITIES LAWS.

          (a) Neither this Warrant nor any interest therein may be transferred
or assigned in whole or in part without compliance with all applicable federal
and state securities laws by the Holder and the transferee or assignee thereof.
Subject to such compliance, this Warrant and all rights hereunder are
transferable in whole or in part, without charge to the Holder hereof, upon
surrender of this Warrant with a properly executed Form of Assignment, attached
hereto as Exhibit B, at the principal office of the Company. Upon any partial
transfer, the Company shall at its expense issue and deliver to the Holder a new
Warrant of like tenor, in the name of the Holder, which shall be exercisable for
such number of shares of Common Stock with respect to which rights under this
Warrant were not so transferred and to the transferee a new Warrant of like
tenor, in the name of the transferee, which shall be exercisable for such number
of shares of Common Stock with respect to which rights under this Warrant were
so transferred.

          (b) The Holder, by acceptance of this Warrant, acknowledges that
neither this Warrant nor the Warrant Shares have been registered under the
Securities Act and represents and warrants to the Company that this Warrant is
being acquired for investment and not for distribution or resale, solely for
Holder's own account and not as a nominee for any other person, and that Holder
will not offer, sell, pledge or otherwise transfer this Warrant or any Warrant
Shares except (i) in compliance with the requirements for an available exemption
from the Securities Act and any applicable state securities laws, or (ii)
pursuant to an effective registration statement or qualification under the
Securities Act and any applicable state securities laws.

                                       5
<PAGE>

          6.3. REPLACEMENT OF WARRANTS. On receipt by the Company of evidence
reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant and, in the case of any such loss, theft or
destruction of this Warrant, on delivery of an indemnity agreement reasonably
satisfactory in form and amount to the Company or, in the case of any such
mutilation, on surrender of such Warrant to the Company at its principal office
and cancellation thereof, the Company at its expense shall execute and deliver,
in lieu thereof, a new Warrant of like tenor.

          6.4. FRACTIONAL WARRANT SHARES. Notwithstanding any adjustment
pursuant to Section 2, the Company shall not be required to issue fractions of
shares upon exercise of this Warrant or to distribute certificates which
evidence fractional shares. In lieu of fractional shares, the Company shall make
payment to the Holder of an amount in cash equal to such fraction multiplied by
the closing bid price on the principal trading market of a share of Common Stock
on the date of exercise of this Warrant.

          7. NOTICES. Any notices, consents, waivers or other communications
required or permitted to be given hereunder must be in writing and will be
deemed to have been given (i) upon receipt, when delivered personally; (ii) upon
receipt, when sent by facsimile, receipt confirmed; (iii) three days after being
sent by U.S. certified mail, return receipt requested; or (iv) one day after
deposit with a nationally recognized overnight delivery service, in each case
properly addressed to the party to receive the same. The addresses and facsimile
numbers for such communications shall be:

                  If to the Company:

                           EVCI Career Colleges Incorporated
                           35 East Grassy Sprain Road
                           Suite 200
                           Yonkers, New York 10710
                           Telephone:  (914) 787-3500
                           Facsimile:  (914)  395-3498
                           Attention:  Chief Financial Officer

          If to the Holder, to its address and facsimile number on the signature
page of the Agreement.

          Each party shall provide five days' prior written notice to the other
party of any change in address or facsimile number. Notwithstanding the
foregoing, the exercise of this Warrant shall be effective in the manner
provided in Section 1.

          8. AMENDMENTS. This Warrant and any term hereof may not be amended,
modified, supplemented or terminated, and waivers or consents to departures from
the provisions hereof may not be given, except by written instrument duly
executed by the party against which enforcement of such amendment, modification,
supplement, termination or consent to departure is sought.

                                       6
<PAGE>

          9. DESCRIPTIVE HEADINGS, ETC. The headings in this Warrant are for
convenience of reference only and shall not limit or otherwise affect the
meaning of terms contained herein. Unless the context of this Warrant otherwise
requires: (a) words of any gender shall be deemed to include each other gender;
(b) words using the singular or plural number shall also include the plural or
singular number, respectively; (c) the words "hereof", "herein" and "hereunder"
and words of similar import when used in this Warrant shall refer to this
Warrant as a whole and not to any particular provision of this Warrant, and
Section and paragraph references are to the Sections and paragraphs of this
Warrant unless otherwise specified; (d) the word "including" and words of
similar import when used in this Warrant shall mean "including, without
limitation," unless otherwise specified; (e) "or" is not exclusive; and (f)
provisions apply to successive events and transactions.

          10. GOVERNING LAW. This Warrant shall be governed by, and construed in
accordance with, the laws of the State of New York (without giving effect to the
conflict of laws principles thereof).

          11. JUDICIAL PROCEEDINGS. Any legal action, suit or proceeding brought
against the Company with respect to this Warrant may be brought in any court
located in Westchester County, State of New York, and by execution and delivery
of this Warrant, the Company hereby irrevocably and unconditionally waives any
claim (by way of motion, as a defense or otherwise) of improper venue, that it
is not subject personally to the jurisdiction of such court, that such courts
are an inconvenient forum or that this Warrant or its subject matter may not be
enforced in or by such court.

          IN WITNESS WHEREOF, the Company has caused this Common Stock Purchase
Warrant to be issued as of the 26th day of September, 2003.

                                              EVCI CAREER COLLEGES INCORPORATED

                                              By: /S/Dr. John J. McGrath
                                                 ------------------------------
                                              Name: Dr. John J. McGrath
                                              Title: Chief Executive Officer
                                                     and President

                                       7

<PAGE>

                                                                    EXHIBIT A to
                                                   COMMON STOCK PURCHASE WARRANT

                        EVCI CAREER COLLEGES INCORPORATED

                       ELECTION TO PURCHASE WARRANT SHARES

          The undersigned hereby irrevocably elects to purchase _______ shares
of Common Stock, par value $.0001 per share ("Common Stock"), of EVCI CAREER
COLLEGES INCORPORATED ("EVCI") by exercising the Common Stock Purchase Warrant
(the "Warrant") dated _______________ and issued to the undersigned, and hereby
makes payment of $___________ therefor. The undersigned hereby requests that the
certificate(s) for such shares and payment for fractional shares be issued and
made as follows:

ISSUE/PAY TO*:
              ------------------------------------------------------------------
                                     (NAME)

--------------------------------------------------------------------------------
                          (ADDRESS, INCLUDING ZIP CODE)

--------------------------------------------------------------------------------
                  (SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER)

DELIVER TO:
           ---------------------------------------------------------------------
                                     (NAME)

--------------------------------------------------------------------------------
                          (ADDRESS, INCLUDING ZIP CODE)

          If the number of shares of Common Stock purchased hereby is less than
the number of shares of Common Stock covered by the Warrant, the undersigned
requests that a new Warrant representing the number of shares of Common Stock
not so purchased be issued and delivered as follows:

ISSUE TO*:
          ----------------------------------------------------------------------
                                (NAME OF HOLDER)

--------------------------------------------------------------------------------
                          (ADDRESS, INCLUDING ZIP CODE)

DELIVER TO:---------------------------------------------------------------------
                                     (NAME)

--------------------------------------------------------------------------------
                          (ADDRESS, INCLUDING ZIP CODE)

          In order to induce EVCI to give instructions to its transfer agent to
issue the shares of Common Stock being purchased upon exercise of the Warrant,
the undersigned hereby represents and warrants that undersigned is an
"accredited investor" as that term is defined in Regulation D under the
Securities Act of 1933, as amended.

-------------------------
*   If other than the Holder specified on the Common Stock Purchase Warrant
delivered with this Election to Purchase Warrant Shares, the transfer is subject
to compliance with applicable securities laws and the payment by the Holder of
any applicable transfer or similar taxes.

                                      A-1
<PAGE>

INDIVIDUAL(S):

-----------------------------------      ---------------------------------------
Signature (exactly as name appears       Signature of spouse, joint tenant, in
on stock certificate(s) tendered)        common, or other required signature

-----------------------------------      ---------------------------------------
Print or type name                       Print or type name

ENTITY:

---------------------------------------------
Print or type name of entity (exactly as name
appears on stock certificate(s) tendered)

By:
   --------------------------------
Name:
Title:

(UNLESS WAIVED BY EVCI, ALL SIGNATURES MUST BE GUARANTEED BY AN ELIGIBLE
GUARANTOR INSTITUTION THAT IS A MEMBER OF A RECOGNIZED MEDALLION SIGNATURE
GUARANTEE PROGRAM.)

                                      A-2
<PAGE>

                                                   EXHIBIT B to
                                                   COMMON STOCK PURCHASE WARRANT

                                   ASSIGNMENT

          FOR VALUE RECEIVED, and subject to compliance with applicable
securities laws and payment of any applicable transfer taxes, the undersigned
hereby sells, assigns, and transfers unto the Assignee named below all of the
rights of the undersigned to purchase Common Stock, par value $.0001 per share
("Common Stock") of EVCI CAREER COLLEGES INCORPORATED ("EVCI") represented by
the Warrant dated ______________, with respect to the number of shares of Common
Stock set forth below:

                                                                 No. of
NAME OF ASSIGNEE                    ADDRESS                      WARRANT SHARES

and does hereby irrevocably constitute and appoint any officer of EVCI to make
such transfer on the books of EVCI maintained for that purpose, with full power
of substitution in the premises.

Date: ____________________

(UNLESS WAIVED BY EVCI, ALL SIGNATURES MUST BE GUARANTEED BY AN ELIGIBLE
GUARANTOR INSTITUTION THAT IS A MEMBER OF A RECOGNIZED MEDALLION SIGNATURE
GUARANTY PROGRAM.)

                                      B-1

<PAGE>

                                                                    SUPPLEMENT A

                               REGISTRATION RIGHTS

          The following provisions are a part of the Warrant (the "Warrant") to
purchase shares of Common Stock of EVCI Career Colleges Incorporated, initially
dated September 26, 2003, to purchase 45,000 Warrant Shares, subject to
adjustment, and any warrant, in substantially the same form as the Warrant, that
is issued to any Person who or which becomes a Holder as permitted by the
Warrant. References to the "Warrant" include each such subsequently issued
Warrant. References to section numbers refer to the sections of this Supplement
A, unless the context requires otherwise. All capitalized terms below shall have
the same meanings as in the Warrant, unless otherwise defined. By accepting
delivery of the Warrant registered in the Holder's name, the Holder is agreeing
to be bound by all the provisions of the Warrant, including this Supplement A.

          Section 1. REGISTRATION RIGHTS

                     1.1 REGISTRATION. EVCI shall include the resale of the
Warrant Shares in the next Form S-3 registration statement (the "Registration
Statement") filed by it with the Securities and Exchange Commission ("SEC"),
subject to the Holder's compliance with Section 1(i).

                         (a) EVCI shall use its best efforts to cause the
Registration Statement to be declared effective within 90 days after its initial
filing with the SEC and to remain effective until the earlier of the date (i) as
of which the Holder may sell all of the Warrant Shares without restriction
pursuant to Rule 144(k) and (ii) when the Holder shall have sold all of the
Warrant Shares.

                         (b) EVCI shall prepare and file with the SEC such
amendments and supplements to the Registration Statement and the Prospectus
included in Registration Statement (the "Prospectus") as may be necessary to
keep the Registration Statement continuously effective, pursuant to Rule 415,
for the period specified in Section 1(c) and comply with the provisions of the
Securities Act with respect to the disposition of all the Warrant Shares covered
by the Registration Statement in accordance with the Holder's intended method of
disposition set forth in the Registration Statement for such period; PROVIDED,
HOWEVER, notwithstanding the foregoing provisions of this Section 1(b), EVCI may
suspend the use of the Registration Statement for a period not to exceed 60 days
(whether or not consecutive) in any 12-month period if EVCI's Board of Directors
determines in good faith (after consulting with EVCI's counsel and, if
appropriate, its independent auditors) that because of valid and material
business developments (which, under applicable securities laws, would be
required to be disclosed in an amendment to the Prospectus), including pending
mergers or other business combination transactions, the planned acquisition or
divestiture of assets, pending material corporate developments and similar
events, it is advisable to suspend such use and, prior to or contemporaneously
with suspending such use, EVCI provides the Holder with written notice of such
suspension, which notice need not specify the nature of the event giving rise to
such suspension. At the end of any such suspension period, EVCI shall provide
Holder with written notice of the termination of such suspension.

                                      A-1
<PAGE>

                         (c) EVCI shall permit Holder to review and comment upon
the Registration Statement and, upon all future amendments and supplements
thereto, at least three days prior to their filing with the SEC.

                         (d) EVCI shall furnish to the Holder such number of
copies of the Registration Statement and the Prospectus as the Holder reasonably
may request in order to facilitate the public sale or other disposition of the
Warrant Shares pursuant to the Prospectus.

                         (e) EVCI shall use its best efforts to register or
qualify the Warrant Shares covered by the Registration Statement under the
securities or "blue sky" laws of such jurisdictions as the Holder reasonably
shall request; PROVIDED, HOWEVER, EVCI shall not for any such purpose be
required to qualify generally to transact business as a foreign corporation in
any jurisdiction where it is not so qualified or to consent to general service
of process in any such jurisdiction.

                         (f) While a Prospectus relating to the Warrant Shares
is required to be delivered under the Securities Act, EVCI shall promptly notify
the Holder of the happening of any event of which EVCI has knowledge and as a
result of which the Prospectus, as then in effect, includes an untrue statement
of a material fact or omits to state a material fact required to be stated
therein or necessary to make the statements therein not misleading in light of
the circumstances then existing.

                         (g) The Holder agrees that, upon receipt of any notice
from EVCI of the happening of any event of the kind specified in Sections 1(b)
or (f), the Holder will immediately discontinue disposition of the Warrant
Shares pursuant to the Prospectus until the Holder's receipt of the copies of
the supplemented or amended Prospectus contemplated by Section 1(b), and, if so
directed by EVCI, the Holder will deliver to EVCI all copies, other than
permanent file copies then in Holder's possession, of the most recent Prospectus
at the time of receipt of such notice.

                         (h) EVCI shall make available for inspection by the
Holder, and any attorney, accountant or other agent retained by the Holder, all
financial and other records, pertinent corporate documents and properties of
EVCI, and cause EVCI's officers, directors and employees to supply all
information reasonably requested by the Holder or such attorney, accountant or
agent in connection with the Registration Statement, provided appropriate
confidentiality agreements are first received by EVCI.

                         (i) The Holder shall furnish to EVCI in writing such
information with respect to it and the proposed distribution by it, as
reasonably shall be necessary and reasonably requested by EVCI's counsel in
writing, in order to assure compliance with applicable federal and state
securities laws.

                                      A-2
<PAGE>

                     1.2 EXPENSES. All expenses incurred by EVCI in complying
with Section 1.1 including, without limitation, all registration and filing
fees, printing expenses, fees and disbursements of counsel and independent
public accountants for EVCI, fees and expenses (including counsel fees) incurred
in connection with complying with state securities or "blue sky" laws, Nasdaq
listing fees, fees of transfer agents and registrars, and costs of issuing the
Warrant Shares, but excluding any Selling Expenses and fees and disbursements of
any counsel, or any accountant or agent of the Holder, are called "Registration
Expenses." All underwriting discounts and selling commissions applicable to the
sale of the Warrant Shares are called "Selling Expenses."

         EVCI will pay all Registration Expenses and the Holder will
pay all Selling Expenses.

                     1.3 INDEMNIFICATION.

                         (a) In connection with the registration and sale of the
Warrant Shares pursuant to the Registration Statement, to the fullest extent
permitted by law, EVCI will indemnify and hold harmless the Holder together with
the Holder's officers, directors, members, partners, employees and agents, and
each other person, if any, who controls Holder within the meaning of the
Securities Act, against any losses, claims, damages or liabilities, joint or
several, to which the Holder and the Holder's officers, directors, members,
partners, employees and agents, or controlling person may become subject under
the Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon (i)
any untrue statement or alleged untrue statement of any material fact contained
in the Registration Statement or the Prospectus or any amendment or supplement
thereof, or (ii) the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein
not misleading, or (iii) any violation or alleged violation by EVCI of the
Securities Act, any state securities law, or any rule or regulation thereunder
relating to the offer or sale of the Warrant Shares pursuant to the Registration
Statement (but not the Holder's failure to comply with the prospectus delivery
requirements or other rules and regulations under the Securities Exchange Act of
1934 relating to the Holder's conduct in offering and selling the Warrant
Shares). EVCI will promptly reimburse the Holder and each such controlling
person for any legal or other expenses reasonably incurred by them in connection
with investigation or defending any such loss, claim, damage, liability or
action; PROVIDED, HOWEVER, that EVCI will not be liable in any such case if and
to the extent that any such loss, claim, damage or liability arises out of or is
based upon an untrue statement or alleged untrue statement or omission or
alleged omission so made in conformity with information furnished by the Holder
or any such controlling person in writing specifically for use in the
Registration Statement or the Prospectus. Such indemnity shall remain in full
force and effect regardless of any investigation made by or on behalf of the
indemnified party.

                         (b) In connection with the registration and sale of the
Warrant Shares pursuant to the Registration Statement, the Holder will indemnify
and hold harmless EVCI, each person, if any, who controls EVCI within the
meaning of the Securities Act, each officer of EVCI who signs the Registration
Statement, and each director of EVCI, against all losses, claims, damages or
liabilities, joint or several, to which EVCI or such officer, director, or

                                      A-3
<PAGE>

controlling person may become subject under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon (i) any untrue statement or alleged
untrue statement of any material fact contained in the Registration Statement,
the Prospectus contained therein, or any amendment or supplement thereof, or
(ii) the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not misleading,
and will promptly reimburse EVCI and each such officer, director, and
controlling person for any legal or other expenses reasonably incurred by them
in connection with investigating or defending any such loss, claim, damage,
liability or action; PROVIDED, HOWEVER, that the Holder will be liable hereunder
in any such case if and only to the extent that any such loss, claim, damage or
liability arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission made in reliance upon and in
conformity with information pertaining to the Holder and furnished in writing to
EVCI by the Holder specifically for use in the Registration Statement or the
Prospectus; and PROVIDED, FURTHER, HOWEVER, that the liability of the Holder
hereunder shall be limited to the proportion of any such loss, claim, damage,
liability or expense which is equal to the proportion that the public offering
price of the Warrant Shares sold by the Holder under the Registration Statement
bears to the total public offering price of all securities sold thereunder, but
not in any event to exceed the net proceeds received by the Holder from the sale
of the Warrant Shares covered by the Registration Statement.

                         (c) Promptly after receipt by an indemnified party
hereunder of notice of the commencement of any action, such indemnified party
shall, if a claim in respect thereof is to be made against the indemnifying
party hereunder, notify the indemnifying party in writing thereof, but the
omission so to notify the indemnifying party shall not relieve it from any
liability which it may have to such indemnified party under this Section 1.3
except and to the extent the indemnifying party is prejudiced by such omission.
In case any such action shall be brought against any indemnified party and it
shall notify the indemnifying party of the commencement thereof, the
indemnifying party shall be entitled to participate in and, to the extent it
shall wish, to assume and undertake the defense thereof with counsel reasonably
satisfactory to such indemnified party, and, after notice from the indemnifying
party to such indemnified party of its election so to assume and undertake the
defense thereof, the indemnifying party shall not be liable to such indemnified
party under this Section 1.3 for any legal expenses subsequently incurred by
such indemnified party in connection with the defense thereof other than
reasonable costs of investigation and of liaison with counsel so selected;
PROVIDED, HOWEVER, that if the defendants in any such action include both the
indemnified party and the indemnifying party and the indemnified party shall
have reasonably concluded that there may be reasonable defenses available to it
which are different from or additional to those available to the indemnifying
party or if the interests of the indemnified party reasonably may be deemed to
conflict with the interests of the indemnifying party, the indemnified party
shall have the right to select a separate counsel and to assume such legal
defenses and otherwise to participate in the defense of such action, with the
expenses and fees of such separate counsel and other expenses related to such
participation to be reimbursed by the indemnifying party as incurred.

                         (d) In order to provide for just and equitable
contribution to joint liability under the Securities Act in any case in which
either (i) Holder or any controlling person of the Holder makes a claim for
indemnification pursuant to this Section 1.3 but it is judicially determined (by

                                      A-4
<PAGE>

the entry of a final judgment or decree by a court of competent jurisdiction as
to which time to appeal or the denial of the last right of appeal has expired)
that such indemnification may not be enforced in such case notwithstanding the
fact that this Section 1.3 provides for indemnification in such case, or (ii)
contribution under the Securities Act may be required on the part of the Holder
or any such controlling person in circumstances for which indemnification is
provided under this Section 1.3, then, and in each such case, EVCI and the
Holder will contribute to the aggregate losses, claims, damages or liabilities
to which they may be subject (after contribution from others) in such proportion
so that the Holder is responsible for the portion represented by the percentage
that the public offering price of the Warrant Shares offered by the Registration
Statement bears to the public offering price of all securities offered by the
Registration Statement, and EVCI is responsible for the remaining portion;
PROVIDED, HOWEVER, that, in any such case, (A) the Holder shall not be required
to contribute any amount in excess of the public offering price of all the
Warrant Shares offered by it pursuant to the Registration Statement; and (B) no
person or entity guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) will be entitled to contribution from any
person or entity who was not guilty of such fraudulent misrepresentation.

                     1.4 ENFORCEMENT. EVCI acknowledges that there is no
adequate remedy at law for failure by it to comply with the provisions of this
Section 1 and that such failure would not be adequately compensable in damages,
and therefore agrees that its agreements contained in this Section 1 may be
specifically enforced. In the event that EVCI fails to comply with its
obligations and agreements in this Section 1, then, in addition to any other
rights or remedies the Holder may have at law or in equity, EVCI shall indemnify
and hold harmless the Holder from and against any and all manner of loss which
it may incur as a result of such a failure. In addition, EVCI shall also
reimburse the Holder for any and all reasonable legal fees and expenses incurred
by it in enforcing its rights pursuant to this Section 1, regardless of whether
any litigation was commenced.

          Section 2. MARKET STANDOFF. In connection with an underwritten public
offering by EVCI of at least $5 million in total offering price, if any, the
Holder hereby agrees to be subject to a lockup for up to 180 days following the
effective date of EVCI's registration statement filed with the SEC in connection
with the offering as required by the underwriter(s) thereof. During such period,
the Holder agrees not to sell, transfer or hypothecate any securities of EVCI
without the prior written consent of the underwriter(s). This provisions is
self-operating but the Holder agrees to execute and furnish directly to, and for
the express benefit of, the underwriter(s) any confirmation requested by the
underwriter(s).

                                      A-5

*EXHIBIT 10.8

                                 THIRD AMENDMENT
                          AND LEASE EXTENSION AGREEMENT

LEASE AMENDMENT AND EXTENSION AGREEMENT made as of the 1st day of August 2003
between 444 REALTY COMPANY, L.L.C., a New York limited liability company having
offices at 475 Fifth Avenue, Suite 1200, New York, NY 10017 ("Landlord") and
INTERBORO INSTITUTE. INC., ("Tenant") having offices at 450 West 56th Street,
New York, NY 10019.

                                     RECITAL

Landlord and Tenant entered into an agreement of lease dated July 27, 1983
demising a portion of the building known as 450 West 56th Street, New York, New
York (the "Building"), which agreement of lease was amended by a Modification
Agreement dated June 9, 1988, a First Amendment to Lease Agreement dated as of
June 1, 1992 (the "First Amendment") and a Second Amendment and Lease Extension
Agreement (the "Second Amendment") dated as of February 1st, 1993 (collectively,
the "Lease"). Landlord was formerly known as "444 Realty Company, L.P." and
converted to a limited liability company under the New York Limited Liability
Company Act on April 7, 1997. The original term of the Lease as extended expires
on January 31, 2004 and the parties desire to enter into this Third Amendment
and Extension of Lease in order to (i) increase the size of the demised
premises, (ii) extend the term of the Lease, and (iii) further amend the Lease
as herein provided.

NOW, THEREFORE, in consideration of Ten ($10.00) Dollars and other good and
valuable consideration, the receipt of whirl1 is hereby acknowledged, the
parties agree as follows:

1. LEASE EXTENSION. The expiration date of the Lease as set forth in Paragraph 1
of the Second Amendment is hereby amended by deleting the words "31st day of
January, 1994" and substituting the words "31st day of January, 2014." There
shall be no further right or option to extend the term of the Lease or to lease
any additional space in the Building.

2. RENT; FREE RENT. The Lease is hereby amended by deleting the rental rate set
forth in the printed form of the Lease and in all amendments thereto and by
adding the following new, paragraph 38.1 to the Rider to the Lease as follows:

          "38.1 ANNUAL RENTAL RATE:

          (a)  Commencing February 1, 2004, the Annual Rental Rate under this
               Lease shall be $825,000 payable in equal monthly installments of
               $68,750 on the 1st day of every month through and including
               January 31, 2009.

          (b)  Commencing February 1, 2009, the Annual Rental Rate under this
               Lease shall be $900,000 payable in equal monthly installments of
               $75,000 on the 1st day of every month through and including
               January 31, 2014.

          (c)  Notwithstanding the foregoing, and provided that Tenant is not in
               material default of any payment or performance under this Lease
               after any notice and opportunity to cure, Landlord shall afford
               Tenant a rent abatement or "free rent" for the twelve (12) months
               beginning February 1, 2004 and ending January 31, 2005. Such rent
               abatement shall include only the monthly payment of the Base
               Annual Rent and not any additional rent or charges."

3. ADDITIONAL SPACE. There shall be added to the "demised premises" under the
Lease the following additional portions of the Building (the "Additional
Space"):

          (a)  That portion of the second floor of the Building now occupied by
               McAllister Academy (the "McAllister Space") which, together with
               the second floor space currently leased by Tenant, constitutes
               the entire second floor;

          (b)  The entrance lobby on 56th Street and the stairwell in that lobby
               and stairs leading to the second, the third and the fourth floor;

          (c)  The basement storage room located in the basement of the Building
               and currently used by Landlord for the storage of documents.
               Tenant shall use the basement storage room only for storage.
<PAGE>

Tenant acknowledges that the McAllister Space is currently occupied by
McAllister Academy and that McAllister's lease expires on January 31, 2004.
Landlord shall not agree to any extension of the McAllister lease or occupancy
beyond that date and shall take all reasonable steps to deliver the McAllister
Space to Tenant promptly on or after the Effective Date hereof.

In the event that Landlord is unable to delivery the McAllister Space on or
before the Effective Date hereof, the rent commencement date for the McAllister
Space shall be the earlier to occur of (i) the date on which Tenant commences
use of the McAllister Space for classroom, office or storage purposes, or (ii)
May 1, 2004. In the event that Landlord is unable to delivery the McAllister
Space on or before May 1, 2004 the rent commencement date for the McAllister
Space shall be the earlier to occur of (i) the date on which Tenant commences
use of the McAllister Space for classroom, office or storage purposes, or (ii)
August 15, 2004. In the event that Landlord is unable to delivery the McAllister
Space on or before August 15, 2004 the rent commencement date for the McAllister
Space shall be the earlier to occur of(i)the date on which Tenant commences use
of the McAllister Space for classroom, office or storage purposes, or (ii)
December 15, 2004.

In the event that Landlord is unable to delivery the McAllister Space on the
Effective Date hereof, Tenant shall be entitled to one day of free rent for the
McAllister Space (which Landlord and Tenant agree shall be the amount of $600
per day) for each day Landlord delays in turning over the McAllister Space to
Tenant after the Effective Date.

Tenant agrees to accept the Additional Space in its current "as is" condition
and Landlord shall not be required to perform any work: or provide Tenant with
any allowance with respect to the Additional Space or the demised premises. Upon
delivery of the Additional Space to Tenant, Tenant shall have possession thereof
free of all tenants and occupants thereof.

4. DEMISED PREMISES; COMMON AREAS. Landlord and Tenant agree that, as of the
Effective Date, the "demised premises" under the Lease shall include (i) the
second, third and fourth floors of the Building, all of such floors being
accessible only from the 56th Street entrance lobby and the stairs and elevators
located therein, (ii) the entrance lobby on 56th Street and the stairwell in
that lobby and stairs leading to the second, the third and the fourth floor
leading from such lobby, and (iii) the basement storage room located in the
basement of the Building to be used only for storage. Landlord and Tenant
confirm and agree that the only "Common Areas" of the Building to which Tenant
has or requires access are; (i) the basement door, stairs and vestibule leading
to the basement storage room, and (ii) the fire stairway referred to in Article
66 of the Rider to the Lease, the use and access to which are governed by the
terms and conditions of that Article.

5. REAL ESTATE TAX ESCALATION. The Lease is hereby further amended by amending
Article 39. A. thereof by deleting subparagraph 2 thereof and substituting the
following in its place:

    "2. "Base Year" shall mean the fiscal year commencing July 1, 2003 and
    ending June 30, 2004."

6. PROPORTIONATE SHARE. The Lease is hereby further amended by amending Article
39. A. thereof by deleting subparagraph 4 thereof and substituting the following
in its place:

    "4. Tenant's "Proportionate Share" shall be 78% of any increases in Taxes
    over the Taxes in the Base Year."

7. LARGER TAX LOT. The Lease is hereby further amended by deleting the example
at the end of Article 39. G thereof after the words "larger tax lot" and
substituting the following in its place:

   "e.g., 78% of 20.2% or 15.76% of the increases for the said larger tax lot."

8. TENANT'S RIGHT TO CONTEST TAX ASSESSMENT. If Tenant is a "Major Tenant" (as
hereinafter defined, an Tenant requests in writing, not later than January 31 in
respect of the upcoming Tax Year, Landlord and Tenant shall meet with Landlord's
primary consultant in respect of Taxes and review the then current Assessed
Valuation and whether, in such consultant's opinion, a protest to such Assessed
Valuation is appropriate. If, in such consultant's opinion such a protest is
appropriate, Landlord shall cause a protest in respect of such Assessed
Valuation to be filed and prosecuted in good faith. If Tenant nevertheless
requests Landlord in writing within ten (10) days after such meeting to file a
protest to such assessed valuation, Landlord shall do so; PROVIDED, HOWEVER,
that Tenant shall be responsible for all (i) costs and expenses of such protest

                                       2
<PAGE>

(to the extent not covered by a refund of Taxes pursuant to subsection (b)
above) if Taxes are not reduced and (ii) any increase in Taxes that may arise by
reason thereof. The term "Major Tenant" shall mean a tenant occupying at least
seventy-five (75%) of the rentable area of the building subject of such
assessment.

9. "ESCALATION RENT". The Lease is ]hereby further amended by deleting Article
40 ["Escalations - Other Building Expenses"] of the Lease and substituting the
following new Article 40 in its place:

    "40. ESCALATION RENT. Effective February 1, 2005, and annually thereafter,
    Tenant shall pay to Landlord an increase of two and one-half (2 1/2) percent
    of the Annual Rental Rate, which increase (i) shall be cumulative and
    compounded annually, (ii) shall be billed to Tenant monthly commencing
    February 1, 2005, and (iii) shall be recalculated upon the Annual Rental
    Rate increase on February 1, 2009, and (iv) shall be in lieu of all
    "porter's wage" and "operating cost escalations" other than the escalation
    on account of Real Estate Tax Increases as provided in Article 39. Landlord
    and Tenant agree that the schedule attached to this Third Amendment as
    EXHIBIT A hereto, accurately reflects the calculation of the annual
    Escalation Rent payable under this provision."

10. LANDLORD'S RIGHT TO TERMINATE LEASE. The Lease is hereby further amended by
adding the following new Article 69 to the Rider to the Lease.

    "69. OPTION TO TERMINATE. Tenant grants Landlord the option to terminate
    this Lease upon at least twelve (12) months prior written notice to Tenant
    (the "Early Termination Notice") setting forth the date (the "Early
    Termination Date") on which the term of the Lease shall end. The Early
    Termination Date shall not be earlier than September 30, 2009 or later than
    December 31, 2010. Tenant shall have the right to extend the Early
    Termination Date up to five (5) months in order to allow the completion of
    the academic semester during which the Early Termination date occurs by
    giving Landlord written notice of extension of the Early Termination Date
    which specifies the extended Early Termination Date, such notice to be given
    no later than thirty (30) days after Tenant's receipt of Landlord's Early
    Termination Notice. The extended Early Termination Date may be up to three
    (3) weeks after the last day of the applicable academic semester but in no
    event more than five (5) months after the Early Termination Date specified
    in Landlord's notice. Landlord's Early Termination Notice shall certify that
    the tenant or other occupant of the High School of Environmental Studies
    located at 444 West 56th Street does not intend to extend its lease for an
    additional term beyond September 30, 2009. Provided that Tenant vacates the
    demised premises on or before the Early Termination Elate (as the same may
    be extended under this Article) and surrenders possession thereof to
    Landlord on or before the Early Termination Date (as the same may be
    extended under this Article), Landlord shall pay Tenant, within thirty (30)
    days after Tenant's timely surrender, the sum of $100,000 (the "Timely
    Surrender Payment") TIME BEING OF THE ESSENCE OF TENANT'S PERFORMANCE UNDER
    THIS ARTICLE. Tenant acknowledges and agrees that Tenant shall not be
    entitled to the payment of the Timely Surrender Payment if Tenant remains in
    occupancy of the demised premises or otherwise fails to surrender possession
    of the demised premises to Landlord on or before the Early Termination Date
    (as the same may be extended under this Article).

11. CLEANING AND MAINTENANCE. Notwithstanding anything to the contrary contained
in the Lease, Landlord shall have the obligation to clean and maintain the
following portions of Building:

    (a) The 56th street lobby mad stairs (notwithstanding the fact that the same
    are part of the demised premises) including but not limited to the lobby
    doors, stairs and elevator cabs;

    (b) The elevators and mechanical systems of the Building (but excluding HVAC
    units serving the demised premises);

    (c) All doors and window frames but excluding all glass;

    (d) The roof, exterior walls and structural portions of the Building;

    (e) The exterior sidewalks.

                                       3
<PAGE>

12. TENANT WORK.

    (a) Tenant, as part of the consideration for the extension of the Lease,
        covenants and agrees that it shall renovate the demised premises
        (including, but not limited to the McAllister Space) in accordance with
        (i) the "Scope of Tenant Work" attached hereto as Exhibit B, (ii) the
        plans and specifications submitted to and approved by Landlord in
        advance, and (iii) the provisions of the Lease as amended hereby (the
        "Tenant Work"). Tenant agrees to expend at least $620,000 in
        construction and other "hard costs" with respect to the Tenant Work,
        which "hard costs may include architectural fees not to exceed $62,000
        of such amount.

    (b) Tenant shall submit to Landlord, for its prior approval, detailed plans
        and specifications for all Tenant Work prepared by a licensed architect
        at Tenant's sole cost and expense. Tenant agrees that the Tenant Work
        outlined in the plans and specifications shall cover work reasonably
        estimated by Tenant and Tenant's architects to cost approximately
        $620,000 in construction and other "hard costs". Landlord's approval of
        such plans and specifications shall not be unreasonably withheld or
        delayed and Landlord agrees to make best efforts to respond to any plan
        submission by Tenant within ten (10) business days. Plans and
        specifications for all Tenant Work (including work within the McAllister
        Space) shall be submitted to Landlord at least thirty (30) days prior to
        the Effective Date and the Tenant Work shall be commenced (except for
        the McAllister Space) within sixty (60) days after Tenant receives
        Landlord's approval of such Plans and Specifications. Tenant Work shall
        commence within the McAllister Space within sixty (60) days after
        Landlord gives Tenant possession of the McAllister Space. Tenant or its
        contractors shall substantially complete all Tenant Work by January 31,
        2005. The time periods contained in this paragraph shall be extended due
        to casualty, acts of God, strikes, and any similar circumstances beyond
        the control of the parties (but expressly excluding lack or
        insufficiency of funds, bankruptcy or insolvency or default by
        contractors or subcontractors) ("Force Majeure"). (c) Tenant shall
        comply with all applicable laws and regulations and the terms and
        conditions of the Lease (as amended hereby) in connection with Tenant's
        Work. In no event shall the Tenant Work (or the plans and specifications
        for such Tenant Work) include any structural changes to the Building nor
        any changes to the outside of the Building or otherwise outside of the
        demised premises, except as specifically provided in paragraphs 12 and
        13 of this Amendment.

    (d) Tenant shall provide Landlord with copies of all contracts and
        subcontracts for the Tenant Work and monthly statements certifying the
        amount expended for Tenant Work and shall provide Landlord a final
        certification (together with paid or receipted bills, waivers of lien or
        other evidence satisfactory to Landlord) that Tenant has expended at
        least $620,000 in construction and other "hard costs" in connection with
        the Tenant Work no later than April 15, 2005. It. shall be a material
        default under this Lease if Tenant shall fail to implement, complete and
        pay for the Tenant Work shown on the plans an specifications submitted
        to and approved by Landlord on or before April 15, 2005, such date being
        subject to reasonable extension in the event of Force Majeure.

13. BUILDING NAME. Tenant shall have the right to name the Building the
"Interboro Building" and to affix no more than two (2) signs to the 56th Street
side of the Building indicating such name; PROVIDED, HOWEVER, that (i) plans and
specifications for such "Interboro Building" signs to be affixed to the exterior
of the Building shall first be submitted to Landlord for its prior review and
written approval, (ii) such signs shall only be located on and be visible from
56th Street side of the Building and shall only indicate that the portion of the
Building on 56th Street (and not Tenth Avenue) is the "Interboro Building",
(iii) such sign(s) shall be designed, installed, maintained and insured at
Tenant's sole cost and expense, (iv) Tenant shall obtain all permits required
for such sign(s) at its sole cost and expense, and (v) such signs shall be
installed and maintained in accordance with all applicable laws and the rules
and regulations of any governmental agency having jurisdiction thereof.

14. BANNER POLES AND BANNERS. Tenant shall have the right to maintain two (2)
"banner poles", one on 56th Street side of the Building near Tenth Avenue and
the other on the western side of the Building on Tenth Avenue. The banner poles
shall be at the same height and shall be similar to the current banner pole
maintained by Tenant. The banner to be hung from such banner poles shall contain
only the name "Interboro" or "Interboro Institute". The design, location, size,

                                       4
character and operation of any such flagpole and the design and color of any
"Interboro" banner shall be submitted to Landlord for Landlord's prior review
and written approval. The banner poles and banners shall only indicate that the
portion of the Building on 56th Street (and not Tenth Avenue) is the location of
Interboro Institute and shall not interfere with any signage now or in the
future installed or maintained by the tenant of the Building occupying the Tenth
Avenue space. Such banner poles and banners shall be designed, installed,
maintained and insured at Tenant's sole cost and expense and Tenant shall obtain
all permits required for such banner poles and banners at its sole cost and
expense. Such banner poles and banners shall be installed and maintained in
accordance with all applicable laws and the rules and regulations of any
governmental agency having jurisdiction thereof.

15. BROKERAGE. Tenant represents and warrants to Landlord that Tenant has dealt
with no broker with respect to the extension or modification of the Lease herein
contained other than Cushman & Wakefield. Tenant agrees to indemnify, defend and
hold Landlord harmless from any commissions, fees, damages or other liability
(including reasonable attorneys fees) attributable to or in any `way arising out
of Tenant's breach of its representations and warranties set forth in the
preceding sentence.

16. INSURANCE CERTIFICATE. Landlord and Tenant agree that the insurance coverage
limits, types of insurance and endorsements set forth on the Insurance
Certificate attached hereto as Exhibit C shall amend the insurance coverage and
limits set forth in the last unnumbered paragraph of Rider Article 43 and that
such insurance limits shall become the minimum coverage which Tenant is required
to provide under the Lease. Tenant agrees that 444 Realty Company, L.L.C.,
Cushman & Wakefield, Inc. (or any substitute property manager) and Enterprise
Asset Management, Inc. shall be named as "additional insureds" under all
required policies of insurance.

17. CONFORMING AMENDMENTS. Landlord and Tenant hereby agree that the following
additional provisions of the Lease shall be deleted as no longer applicable or
superceded:

    (a) Rider; Article 39 subparagraph H;

    (b) Rider Article 53, last two un-numbered paragraphs

    (c) Rider Articles 64 and 68

    (d) First Amendment, paragraphs, 2, 3, 4 and 5.

    (e) Second Amendment, paragraphs 1, through 7 and 13.

18. CONFLICTS. In the event of any conflict between the provisions of the Lease
and the provisions of this Third Amendment, the terms and conditions in this
Third Amendment shall be paramount and shall prevail.

19. RATIFICATION. Except as modified by this Amendment, the Lease and all
covenants, agreements, terms and conditions thereof shall remain in full force
and effect and the parties hereby ratify and confirm all of the covenants, terms
and conditions thereof as modified hereby and Tenant hereby assumes all of the
obligations, covenants and agreements to be performed by "Tenant" thereunder.

20. EFFECTIVE DATE. Provided that Tenant is not in default of any material term
of the Lease, the agreements, covenants, terms and conditions contained in this
Third Amendment shall take effect and shall become effective on February 1,
2004.

                                       5
<PAGE>

IN WITNESS WHEREOF, the parties have executed this Third Amendment as of the day
and year first above written intending it to become effective as of the
Effective Date.

TENANT

INTERBORO INSTITUTE, INC.

By: /S/  DR. JOHN J. MCGRATH
    ---------------------------------
         Chief Executive Officer

LANDLORD

444 REALTY COMPANY, L.L.C.
By: Enterprise Asset Management, Inc., IT'S MANAGER

By: /S/ LYNN ZISES
    ---------------------------------
     Name:    Lynn Zises
     Title:   Vice President

                                       6

<PAGE>

                                ACKNOWLEDGEMENTS

State of New York )
                           ss.:
County of New York         )

On the 8th day of August in the year 2003 before me, the undersigned, a Notary
Public in and for said State, personally appeared John J. McGrath, personally
known to :me or proved to me on the basis of satisfactory evidence to be the
individual whose name is subscribed to the within instrument and acknowledged to
me that he executed the same in his capacity as President of Interboro
Institute, Inc. and that by his signature on the :instrument, the individual,
executed the instrument.

/S/ DEBORAH KEMPF
-------------------------------
        Notary Public

               DEBORAH KEMPF
     Notary Public, State of New York
            No, 31-OIKE 4999904
Qualified in New York County
     Commission Expires August 3, 2006

State of New York )
                  ss.:
County of New York)

On the _____ day of August in the year 2003 before me, the undersigned, a Notary
Public in and for said State, personally appeared Lynn Zises personally known to
me or proved to me on the basis of satisfactory evidence to be the individual
whose name is subscribed to the within instrument and acknowledged to me that
she executed the same in her capacity as Vice President of Enterprise Asset
Management, Inc., the Manager of 444 REALTY COMPANY, L.L.C., and that by her
signature on the instrument, the individual, executed the instrument.

----------------------------------
           Notary Public

                                       7

<PAGE>

                                    EXHIBIT A

                           ESCALATION RENT SCHEDULE *

                                    2 1/2 %      CUMULATIVE
                                    ANNUAL          RENT
                   BASE RENT      ESCALATION     ESCALATION    TOTAL ANNUAL RENT

     YEAR 1        $ 825,000.00   $   --        $               $   825,000.00
     YEAR 2        $ 825,000.00   $ 20,625.00   $  20,625.00    $   845,625.00
     YEAR 3        $ 825,000.00   $ 21,140.63   $  41,765.63    $   866,765.63
     YEAR 4        $ 825,000.00   $ 21,669.14   $  63,434.77    $   888,434.77
     YEAR 5        $ 825,000.00   $ 22,210.87   $  85,645.63    $   910,645.63
     YEAR 6        $ 900,000.00   $ 22,766.14   $ 108,411.78    $ 1,008,411.78
     YEAR 7        $ 900,000.00   $ 25,210.29   $ 133,622.07    $ 1,033,622.07
     YEAR 8        $ 900,000.00   $ 25,840.55   $ 159,462.62    $ 1,059,462.62
     YEAR 9        $ 900,000.00   $ 26,486.57   $ 185,949.19    $ 1,085,949.19
     YEAR 10       $ 900,000.00   $ 27,148.73   $ 213,097.92    $ 1,113,097.92

                     *Excludes Real Estate Tax Escalations

                                       8
<PAGE>

                                    EXHIBIT B

                             SCOPE OF TENANT'S WORK

The Tenant Work and the plans and specifications thereof, shall include, but
shall not be limited to:

     (a)  Restoring, refurbishing and redecorating all restrooms on the second,
          third and fourth floors of the demised premises, such work to be in
          accordance with all laws, including all ADA compliance;

     (b)  Restoring, refurbishing and replacing or rebuilding all I-IVAC units
          serving the second, third and fourth floors, lobby and stairs of the
          demised premises;

     (c)  Restoring, refurbishing and redecorating all classrooms and offices on
          the second, third and fourth floors of the demised premises including
          but not limited to walls, partitions, ceilings, lighting, painting,
          carpeting, flooring and other improvements.

     (d)  Restoring, refurbishing and redecorating the 56th Street lobby, stairs
          and stairwells, including, but not limited to ceilings, lighting,
          painting, flooring and other improvements.

The following shall govern the commencement conduct and completion of the Tenant
Work and the submission and approval of the plans and specifications for the
Tenant Work:

     (a)  Tenant shall submit to Landlord, for its prior approval, detailed
          plans and specifications for all Tenant Work prepared by a licensed
          architect at Tenant's sole cost and expense. Tenant agrees that the
          Tenant Work outlined in the plans and specifications shall cover work
          reasonably ,estimated by Tenant and Tenant's architects to cost
          approximately $620,000 in construction and other "hard costs".
          Landlord's approval of such plans and specifications shall not be
          unreasonably withheld or delayed and Landlord agrees to make best
          efforts to respond to any plan submission by Tenant within ten (10)
          business days.

     (b)  Plans and specifications for all Tenant Work (including work within
          the McAllister Space) shall be submitted to Landlord at least thirty
          (30) days prior to the Effective Date.

     (c)  The Tenant Work shall be commenced (except for the McAllister Space)
          within sixty (60) days after Tenant receives Landlord's approval of
          its Plans and Specifications.

     (d)  Tenant Work shall commence within the McAllister Space within sixty
          (60) days after Landlord gives Tenant possession of the McAllister
          Space.

     (e)  Tenant shall comply with all of the terms and conditions of the Lease
          and of law in connection with the Tenant Work.

     (f)  In no event shall the Tenant Work (or the plans and specifications for
          such Tenant Work) include any structural changes to the Building nor
          any changes to the outside of the Building or otherwise outside of the
          demised premises, except for signs, banner poles and banners as
          specifically provided in this Third Amendment. All work shall be
          conducted in a manner which will minimize noise and vibration from
          being transmitted to the SyncSound studios on the first floor of the
          building and Tenant shall request its contractors to take all
          reasonable steps to minimize such noise or vibrations.

     (g)  Tenant or its contractors shall substantially complete all Tenant Work
          by January 31, 2005.

     (h)  Tenant shall provide Landlord with copies of all contracts and
          subcontracts for the Tenant Work and monthly statements certifying the
          amount expended for Tenant Work and shall provide Landlord a final
          certification (together with paid or receipted bills, waivers of lien
          or other evidence satisfactory to Landlord) that Tenant has expended
          at least $620,000 in construction and other "hard costs" in connection
          with the Tenant Work no later than April 15, 2005.

                                  9
<PAGE>

                                   EXHIBIT C

          INSURANCE CERTIFICATE - TENANT MINIMUM INSURANCE REQUIREMENTS

                                       10

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