Document:

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                              EDIFICEREX.COM, INC.

                              AMENDED AND RESTATED

                            SERIES C PREFERRED STOCK

                               PURCHASE AGREEMENT

                                 MARCH 15 , 2000

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                              AMENDED AND RESTATED
                   SERIES C PREFERRED STOCK PURCHASE AGREEMENT

         This Amended and Restated Series C Preferred Stock Purchase Agreement
(this "Agreement") is made as of this 15th day of March, 2000 by and among
EdificeRex.com, Inc., a Delaware corporation (the "Company"), and the Investors
identified on the signature pages hereto (each, an "Investor").

         WHEREAS, the Company and the Investors have entered into that certain
Series C Preferred Stock Purchase Agreement, dated as of March 15, 2000 (the
"Original Agreement"), pursuant to which the Investors agreed to purchase shares
of Series C Preferred Stock, par value $.001 per share (the "Series C Stock"),
of the Company; and

         WHEREAS, the Company and the Investors wish to amend and restate the
Original Agreement for the purpose of amending the number of shares of Series C
Stock purchased by Metropolitan Internet Partners I, LLC;

         NOW, THEREFORE, in consideration of the covenants and agreements made
herein, the Company and the Investors, intending to be legally bound, hereby
agree to amend and restate in its entirety the Original Agreement, and hereby
agree as follows:

     1. Purchase and Sale of Series C Preferred Stock.

     1.1 Sale and Issuance of Series C Preferred Stock. Subject to the terms and
conditions of this Agreement, each Investor agrees to purchase at the Closing
(as hereinafter defined), and the Company agrees to sell and issue to each
Investor, the number of shares of Series C Stock set forth opposite such
Investor's name on Schedule I hereto, having the terms set forth in the amended
and restated certificate of incorporation of the Company in the form of Exhibit
A hereto and the certificate of designations of the Company in the form of
Exhibit B hereto (collectively, the "Certificate"), at a price of $7.81 per
share, for an aggregate purchase price in the amount set forth opposite such
Investor's name on Schedule I hereto.

     The total amount of shares of Series C Stock sold to the Investors pursuant
to this Agreement is sometimes hereinafter referred to as the "Shares," and the
Class A Common Stock, par value $.001 per share, of the Company (the "Class A
Common Stock") issuable upon conversion of the Shares is sometimes hereinafter
referred to as the "Conversion Stock." The Shares and the Conversion Stock are
sometimes hereinafter collectively referred to as the "Securities."

     1.2 Closing. The purchase and sale of the Shares shall take place at the
offices of the Company, 200 Park Avenue, New York, New York 10166, at 10:00
a.m., on the date hereof, or at such other time and place as the Company and the
Investors mutually agree upon orally or in writing (which time and place are
designated as the "Closing"). At the Closing, the Company shall deliver to each
Investor a certificate representing the Series C Stock to be purchased by such
Investor, against delivery to the Company by such Investor of a wire transfer of
immediately available funds to an account designated by the Company, or
certified check, in the amount of the aggregate purchase price therefor.

     2. Representations and Warranties of the Company. The Company hereby
represents and warrants to each Investor, except as set forth on the Schedule of
Exceptions furnished to the Investors and attached hereto as Schedule II,
specifically identifying the relevant subsection hereof, which exceptions shall
be deemed to qualify the representations and warranties made hereunder, as
follows:

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     2.1 Organization, Good Standing and Qualification. The Company is a
corporation duly organized, validly existing and in good standing under the
laws of the State of Delaware. The Company has all requisite corporate power
and authority to carry on its business as now conducted. The Company is duly
qualified to transact business and is in good standing in each jurisdiction in
which the failure so to qualify will have a material adverse effect on its
business, properties, operations, assets, liabilities or condition (financial
or otherwise) (collectively, "Condition").

     2.2 Capitalization. Immediately prior to the Closing, the capital stock of
the Company, as authorized by the Certificate, will consist of: (i) 155,000,000
shares of common stock, par value $.001 per share, of which (x) 150,000,000
shares will be designated as Class A Common Stock, of which 15,383,001 shares
will be issued and outstanding, and (y) 5,000,000 shares will be designated as
Class B Common Stock, par value $.001 per share (the "Class B Common Stock"
and, together with the Class A Common Stock, the "Common Stock"), all of which
will be issued and outstanding; and (ii) 30,000,000 shares of preferred stock,
par value $.001 per share, of which (x) 7,500,000 shares will be designated as
Series A Preferred Stock, par value $.001 per share (the "Series A Stock"), all
of which will be issued and outstanding, (y) 154,127 shares will be designated
as Series B Preferred Stock, par value $.001 per share (the "Series B Stock"),
of which 153,846 shares will be issued and outstanding, and (z) 5,000,000
shares will be designated as Series C Stock (together with the Series A Stock
and the Series B Stock, the "Preferred Stock"), none of which will be issued
and outstanding. Immediately prior to the Closing, 5,000,000 shares of Class A
Common Stock will be reserved for issuance upon conversion of issued and
outstanding shares of Class B Common Stock, 7,500,000 shares of Class A Common
Stock will be reserved for issuance upon conversion of issued and outstanding
shares of Series A Stock, 153,846 shares of Class A Common Stock will be
reserved for issuance upon conversion of issued and outstanding shares of
Series B Stock, and 6,000,000 shares of Class A Common Stock will be reserved
for issuance to key employees, officers and directors of, and consultants to,
the Company in respect of stock options, restricted stock and other awards
authorized under the Company's 2000 Long-Term Incentive Compensation Plan
(under which 190,000 options will be outstanding). The rights, privileges and
preferences of the Common Stock and the Preferred Stock are as stated in the
Certificate. Except as described in the first sentence of this Section 2.2, and
except for conversion rights of issued and outstanding shares of Preferred
Stock, as of the Closing, the Company will not (i) have outstanding any capital
stock or other securities convertible into or exchangeable for any shares of
its capital stock and, except for the preemptive rights contained in the
Stockholders' Agreement (as defined in Section 2.3), no Person (as defined in
Section 2.3(b)) will have any right to subscribe for or to purchase (including
conversion or preemptive rights), or any options for the purchase of, or any
agreements providing for the issuance (contingent or otherwise) of, or any
calls, commitments or other claims of any character relating to, any capital
stock or any stock or securities convertible into or exchangeable for any
capital stock of the Company; (ii) have any capital stock, equity interests or
other securities reserved for issuance for any purpose; or (iii) be subject to
any obligation (contingent or otherwise) to repurchase or otherwise acquire or
retire any shares of its capital stock or any convertible securities, rights or
options of the type described in the preceding clause (i) (other than for
nominal consideration). All of the issued and outstanding shares of Common
Stock and Preferred Stock have been duly and validly issued and are fully paid
and nonassessable and all of the shares of Series C Stock, when issued as
contemplated hereby, and Class A Common Stock, when issued upon conversion of
the Preferred Stock, will be validly issued, fully paid and nonassessable.
There are no agreements to which the Company is a party with respect to the
voting or transfer of the Company's capital stock.

     2.3 Authority; Execution and Delivery; Requisite Consents; Non-Violation.
(a) The Company has all requisite corporate power and authority to execute,
deliver and perform this Agreement, the Stockholders' Agreement in the form of
Exhibit C attached hereto (the "Stockholders' Agreement") and the Registration
Rights Agreement in the form of Exhibit D attached hereto (the "Registration
Rights Agreement" and, together with the Stockholders' Agreement, the
"Ancillary Agreements") and to consummate the transactions contemplated hereby
and thereby. The execution, delivery and performance of this Agreement

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and the Ancillary Agreements and the consummation of the transactions
contemplated hereby and thereby have been duly and validly authorized by all
necessary action on the part of the Company. This Agreement and each of the
Ancillary Agreements have been duly executed and delivered by the Company and
constitute the legal, valid and binding obligation of the Company, enforceable
against the Company in accordance with their respective terms.

     (b) The execution, delivery and performance of this Agreement and the
Ancillary Agreements and the consummation by the Company of the transactions
contemplated hereby and thereby will not: (a) except for those that have been
or will timely be obtained or made, require any consent, license, permit,
waiver, approval, authorization or other action of or by, or registration,
declaration or filing with, any court or governmental authority, department,
commission, board, bureau, agency or instrumentality ("Governmental Authority")
or any other individual, partnership, corporation, unincorporated organization
or association, limited liability company, trust or other entity (each, a
"Person"); (b) violate or conflict with any provision of the Certificate or of
the By-Laws of the Company as in effect immediately prior to the execution and
delivery of this Agreement; or (c) with or without the giving of notice or the
lapse of time or both, constitute a default under, violate or conflict with, or
give rise to a right of termination, cancellation or acceleration under any Law
(as defined in Section 2.6 below), any Contract (as defined in Section 2.9
below) to which the Company is a party, or any Order (as defined in Section 2.5
below) by which the Company or any of its assets is bound.

     2.4 Subsidiaries. The Company does not control, directly or indirectly,
any partnership, stock or other equity interests in any partnership,
corporation or other entity or have any voting rights or right to control the
policies and direction of any partnership, corporation or other entity.

     2.5 Litigation. There is no action, suit or proceeding (collectively,
"Actions") pending or, to the knowledge of the Company, threatened against the
Company, or affecting any of the properties or assets of the Company, which is
reasonably likely to have a material adverse effect on the Company's Condition.
To the knowledge of the Company, there is no Action against any director,
officer or employee of the Company in connection with the business of the
Company. Neither the Company nor any of its assets or properties, nor, to the
knowledge of the Company, in connection with its business, any director,
officer or employee of the Company, is subject to any order, judgment, writ,
injunction, decree, ruling or decision (collectively, an "Order") of any
Governmental Authority which is material to the Condition of the Company. There
is no Action by the Company currently pending or which the Company currently
intends to initiate.

     2.6 Compliance with Laws; Permits. To the knowledge of the Company, the
Company has not violated or failed to comply with, in any material respect, any
statute, law, ordinance, rule or regulation of any Governmental Authority that
is material to it or any of its properties or assets (collectively, "Laws").
The Company has all permits, licenses, orders, certificates, authorizations and
approvals of any Governmental Authority that are material to the conduct of its
business as presently conducted (collectively, the "Permits"); all such Permits
are in full force and effect; no violations or notices of failure to comply
have been issued or recorded in respect of any such Permits; and the Company
does not know of any reason why such Permits may be revoked or suspended.

     2.7 Taxes. All material federal, state, city, county, local and foreign
income, franchise, sales, use and value added tax returns and reports
(collectively, "Returns") have been timely filed. All such Returns are true,
correct and complete in all material respects. All material taxes, assessments,
fees, interest, penalties and other charges with respect thereto (collectively,
"Taxes") due from the Company have been paid. No income tax return of the
Company has been audited by the applicable Governmental Authority, and there
are in effect no waivers of the applicable statute of limitations for Taxes in
any jurisdiction for the Company for any period.

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     2.8 Title to Assets. The Company has good and marketable title to all of
its assets and properties, free and clear of any liens, pledges, security
interests, claims, encumbrances or other restrictions of any kind whatsoever
(collectively, "Liens"), except for Liens which individually and in the
aggregate are not material in amount, do not materially detract from the value
of such assets and properties and do not impair the use of such assets and
properties. With respect to any assets or properties it leases, the Company
holds a valid and subsisting leasehold interest therein, free and clear of any
Liens (except for Liens which individually and in the aggregate are not
material in amount, do not materially detract from the value of such assets and
properties and do not impair the use of such assets and properties), is in
compliance, in all material respects, with the terms of the applicable lease,
and enjoys peaceful and undisturbed possession under such lease. All of the
assets and properties of the Company that are material to the conduct of
business as presently conducted or as presently contemplated to be conducted by
the Company are in good operating condition and repair, subject to ordinary
wear and tear.

     2.9 Contracts. Section 2.9 of Schedule II contains a true and complete
list of each contract to which the Company is a party that is material to the
business of the Company and which obligates the Company to pay, or contemplates
payment by the Company of, $250,000 or more (each, a "Contract"). True and
complete copies of all Contracts have been made available to the Investors. All
of the Contracts are in full force and effect and constitute legal, valid and
binding obligations of the Company and, to the knowledge of the Company, the
other parties thereto. The Company and, to the knowledge of the Company, each
other party thereto has performed in all material respects all obligations
required to be performed by it under the Contracts, and no violation exists in
respect thereof on the part of the Company or, to the knowledge of the Company,
any other party thereto. None of the Contracts is currently being renegotiated,
and the validity, effectiveness and continuation of all Contracts will not be
materially adversely affected by the transactions contemplated by this
Agreement.

     2.10 Intellectual Property.

     (a) The Company has exclusive ownership of, with the exclusive right to
use, sell, license, dispose of and bring actions for infringement of, all
Intellectual Property Rights (as defined in this Section 2.10) material to the
conduct of its business as presently conducted, and as presently contemplated
to be conducted, including, without limitation, all rights to the Company name
"EdificeRex.com" (the "Company Rights").

     (b) The business of the Company as presently conducted, and as presently
contemplated to be conducted, and the provision of services by the Company do
not, and will not, violate any agreements which the Company has with any third
party or infringe any Intellectual Property Rights of any third party.

     (c) No claim is pending or, to the knowledge of the Company, threatened
against the Company, nor has the Company received any notice from any Person,
asserting that any of the Company's present or contemplated activities infringe
or may infringe any Intellectual Property Rights of such Person, and the
Company is not aware of any infringement by any other Person of any of the
Company Rights.

     (d) The Company has taken all commercially reasonable steps required to
establish and preserve its ownership of all of the Company Rights. Each
employee of the Company, and each of the Company's consultants and independent
contractors involved in development of any of the Company Rights, has executed
an agreement regarding confidentiality and proprietary information, and, to the
knowledge of the Company, none of such employees, consultants or independent
contractors is in violation of any agreement or in breach of any agreement or
arrangement with former or present employers relating to confidentiality or
proprietary information.

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     As used herein, the "Intellectual Property Rights" of a Person shall mean
all intellectual property rights necessary for the operation of such Person's
business, including, without limitation, all patents, patent applications,
patent rights, trademarks, trademark applications, trade names, service marks,
service mark applications, copyrights, copyright applications, domain names,
URLs, computer programs and other computer software, inventions, designs,
samples, specifications, schematics, know-how, trade secrets, proprietary
processes and formulae, including production technology and processes, all
source and object code, algorithms, promotional materials, customer lists,
supplier and dealer lists and marketing research, and all documentation and
media constituting, describing or relating to the foregoing, including, without
limitation, manuals, memoranda and records.

     2.11 Minute Books. The minute books of the Company fully set forth all
action taken by the Board of Directors (including any committee thereof) and
the stockholders of the Company.

     2.12 Registration Rights. Except as provided in the Registration Rights
Agreement and in the registration rights agreement that the Company has entered
into with i-Hatch Ventures, LLC and i-Hatch Advisors, LLC relating to the
Series B Stock, no Person has demand, "piggy-back" or other rights to cause the
Company to file any registration statement under the Securities Act of 1933, as
amended (the "Securities Act"), relating to any securities of the Company or to
participate in any such registration statement.

     2.13 No Brokers or Finders. Neither the Company nor any of its affiliates
has entered or will enter into any agreement pursuant to which the Company or
the Investors will be liable, as a result of the transactions contemplated by
this Agreement or the Ancillary Agreements, for any claim of any Person for any
commission, fee or other compensation as finder or broker.

     2.14 Investment Company Act. The Company is not an "investment company"
nor is the Company directly or indirectly controlled by or acting on behalf of
any Person which is an "investment company" within the meaning of the
Investment Company Act of 1940, as amended.

     2.15 Use of Proceeds. The Company will use the proceeds from the sale of
the Shares to the Investors for general corporate purposes arising in the
ordinary course of business, including, without limitation, the development of
the Company's web site and broadband service offerings and the marketing,
advertising and promotion thereof, and may be required to use a portion of such
proceeds to repay funds loaned to it by Insignia Financial Group, Inc.
("Insignia") to finance the organization and operations of the Company.

     3. Representations and Warranties of the Investors. Each Investor hereby
severally represents and warrants to the Company as follows:

     3.1 Organization. The Investor is duly organized, validly existing and in
good standing under the laws of its jurisdiction of organization.

     3.2 Authorization; Execution and Delivery; Requisite Consents;
Non-Violation. (a) The Investor has all requisite power and authority to
execute, deliver and perform this Agreement and the Ancillary Agreements and to
consummate the transactions contemplated hereby and thereby. The execution,
delivery and performance of this Agreement and the Ancillary Agreements, and
the consummation of the transactions contemplated hereby and thereby, have been
duly and validly authorized by all necessary action on the part of the
Investor. This Agreement and each of the Ancillary Agreements have been duly
executed and delivered by the Investor and constitute the legal, valid and
binding obligation of the Investor, enforceable against the Investor in
accordance with their respective terms.

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     (b) The execution, delivery and performance of this Agreement and the
Ancillary Agreements and the consummation by the Investor of the transactions
contemplated hereby and thereby will not: (a) except for those that have been
or will timely be obtained or made, require any consent, license, permit,
waiver, approval, authorization or other action of or by, or registration,
declaration or filing with, any Governmental Authority or Person; (b) violate
or conflict with any provision of the organizational documents of the Investor
as in effect immediately prior to the execution and delivery of this Agreement;
or (c) with or without the giving of notice or the lapse of time or both,
constitute a default under, violate or conflict with, or give rise to a right
of termination, cancellation or acceleration under any material law to which
the Investor is subject, any material contract to which the Investor is a
party, or any Order by which the Investor or any of its assets is bound.

     3.3 No Intended Resale. The Shares are being acquired by the Investor
solely for its own account for investment purposes only and not with a view to
or in connection with any resale or distribution thereof in violation of the
Securities Act.

     3.4 Investment Experience; Accredited Investor. The Investor understands
that the Company is recently formed and has only a limited operating history.
The Investor can bear the economic risk (including the complete loss) of its
investment and has such knowledge and experience in financial or business
matters that it is capable of evaluating the merits and risks of the investment
in the Shares. The Investor is an "accredited investor" within the meaning of
Rule 501 of Regulation D promulgated under the Securities Act.

     3.5 Restricted Securities. The Investor understands that the Shares it is
purchasing are characterized as "restricted securities" under the federal
securities laws inasmuch as they are being acquired from the Company in a
transaction not involving a public offering and that under such laws and
applicable regulations such securities may be resold without registration under
the Securities Act only in certain limited circumstances. In this connection,
the Investor represents that it is familiar with Rule 144 under the Securities
Act, as presently in effect, and understands the resale limitations imposed
thereby and by the Securities Act.

     3.6 Conflicts of Interest. The Investor acknowledges that: (a) the Company
and Insignia are parties to an Advisory and Administrative Services Agreement,
pursuant to which the Company will pay Insignia to perform management,
financial and legal advisory services on behalf of the Company and will
reimburse Insignia for related out-of-pocket expenses, and that, because
Insignia is the parent of the Company, such agreement was not negotiated on an
arm's-length basis; (b) Insignia and/or one or more of its affiliates and the
Company may in the future enter into various other agreements that could be
deemed to benefit Insignia and that, because Insignia is the parent of the
Company, such agreements would not be negotiated on an arm's-length basis; and
(c) Insignia may require the Company to use a portion of the proceeds from the
sale of the Shares to repay funds loaned by Insignia to the Company to finance
the organization and operations of the Company.

     3.7 Legends. The Investor understands that the certificates evidencing the
Shares will bear the legends set forth in the Stockholders' Agreement.

     3.8 No Brokers or Finders. The Investor has not entered and will not enter
into any agreement pursuant to which the Company or the Investors will be
liable, as a result of the transactions contemplated by this Agreement or the
Ancillary Agreements, for any claim of any Person for any commission, fee or
other compensation as finder or broker.

     4. Conditions of each Investor's Obligations at Closing. The obligation of
each Investor to purchase the Shares to be purchased by it at the Closing is
subject to the fulfillment, prior to or at the Closing, of each of the following
conditions, any of which may be waived by the Investor:

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     4.1 Representations and Warranties. The representations and warranties of
the Company contained in this Agreement shall be true and correct in all
material respects on and as of the date of the Closing as if made on and as of
such date.

     4.2 Performance. The Company shall have performed or complied with all
agreements and conditions required by this Agreement to be performed or
complied with by it prior to or at the Closing.

     4.3 Compliance Certificate. The Investor shall have received a certificate
dated as of the date of the Closing executed by a senior officer of the Company
certifying that, to such officer's knowledge, the conditions specified in
Sections 4.1 and 4.2 have been fulfilled.

     4.4 Stock Certificates. At the Closing, the Company shall have tendered to
the Investor a certificate representing the Shares to be purchased by the
Investor pursuant to this Agreement, in form and substance reasonably
satisfactory to the Investor and sufficient to transfer to and vest in the
Investor good and valid title to the Shares.

     4.5 Consents. The Company shall have obtained all consents, approvals or
waivers from Governmental Authorities and Persons necessary for the execution,
delivery and performance of this Agreement and the Ancillary Agreements and the
consummation of the transactions contemplated hereby and thereby, all without
material cost to the Company.

     4.6 No Litigation. There shall not be any Action of or before any
Governmental Authority pending with respect to this Agreement, the Ancillary
Agreements or the transactions contemplated hereby or thereby that might
materially adversely affect the Condition of the Company or that would
restrain, enjoin or otherwise prohibit such transactions.

     4.7 Ancillary Agreements; Certificate. The Ancillary Agreements shall have
been executed and delivered by each of the parties thereto (other than other
Investors) and shall be in full force and effect. The Certificate shall have
been duly filed and shall be in full force and effect.

     4.8 Proceedings and Documents. All proceedings in connection with the
transactions contemplated hereby and all documents and instruments incident to
such transactions shall be reasonably satisfactory in substance and form to the
Investor and its counsel, and the Investor shall have received all such
counterpart originals or certified or other copies of such documents as the
Investor may reasonably request.

     5. Conditions of the Company's Obligations at Closing. The obligations of
the Company to each Investor under this Agreement are subject to the
fulfillment, prior to or at the Closing, of each of the following conditions,
any of which may be waived by the Company:

     5.1 Representations and Warranties. The representations and warranties of
each Investor contained in this Agreement shall be true and correct in all
material respects on and as of the date of the Closing as if made on and as of
such date.

     5.2 Performance. Each Investor shall have performed or complied with all
agreements and conditions required by this Agreement and the Ancillary
Agreements to be performed or complied with by it prior to or at the Closing.

     5.3 Payment of Purchase Price. Each Investor shall have delivered to the
Company the aggregate purchase price payable for the Shares purchased by the
Investor pursuant to this Agreement.

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     6. Miscellaneous.

     6.1 Expenses. All fees and expenses incurred by any party hereto in
connection with this Agreement shall be borne by such party.

     6.2 Survival. All representations, warranties, covenants and agreements
contained in or made pursuant to this Agreement or contained in any certificate
delivered pursuant to this Agreement shall remain operative and in full force
and effect, regardless of any investigation made by or on behalf of any party
hereto, and shall survive the transfer and payment for the Shares and the
consummation of the transactions contemplated hereby; provided, however, that
the representations and warranties contained in Sections 2 and 3 (other than
the representations and warranties contained in Sections 2.1 through 2.4, 2.7
and 2.12, which shall survive so long as any Investor or any of its successors
or permitted assigns holds any Securities) shall terminate on the later to
occur of (i) two years from the date hereof and (ii) the consummation of a
Qualified Initial Public Offering (as such term is defined in the Registration
Rights Agreement), provided further, however, that no representation or
warranty shall terminate until after the final non-appealable resolution of any
claim relating to such representation or warranty, which claim shall have been
made prior to the expiration of such representation or warranty.

     6.3 Further Assurances. Each party hereto shall do and perform or cause to
be done and performed all such further acts and things and shall execute and
deliver all such other agreements, certificates, instruments and documents as
any other party hereto reasonably may request in order to carry out the intent
and accomplish the purposes of this Agreement.

     6.4 Amendment; Waiver. Any term, covenant, agreement or condition of this
Agreement may be amended, and compliance therewith may be waived (either
generally or in a particular circumstance and either retroactively or
prospectively), by a written instrument signed by the Company and the
applicable Investor. Any amendment or waiver effected in accordance with this
paragraph shall be binding upon such Investor and the Company.

     6.5 Assignment; Binding Effect. This Agreement shall be binding on and
inure to the benefit of the parties hereto and their respective legal
representatives, successors and permitted assigns, except that neither this
Agreement nor any rights or obligations hereunder shall be assigned or
delegated by (a) the Company without the prior written consent of the Investors
or (b) by any Investor without the prior written consent of the Company.
Nothing in this Agreement, express or implied, is intended to confer upon any
Person, other than the parties hereto and their respective legal
representatives, successors and permitted assigns, any rights, remedies,
obligations or liabilities under or by reason of this Agreement, except as
expressly provided herein.

     6.6 APPLICABLE LAW. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE
INTERPRETATION, VALIDITY AND PERFORMANCE OF THE TERMS OF THIS AGREEMENT,
REGARDLESS OF THE LAW THAT MIGHT BE APPLIED UNDER PRINCIPLES OF CONFLICTS OF
LAW.

     6.7 JUDICIAL PROCEEDINGS. ANY JUDICIAL PROCEEDING INVOLVING ANY DISPUTE,
CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE RIGHTS
OR INTERESTS OF ANY INVESTOR OR THE COMPANY OR THE BREACH OR ALLEGED BREACH OF
THIS AGREEMENT, WHETHER ARISING DURING, AT OR AFTER THE TERMINATION OF THIS
AGREEMENT (EACH OF THE FOREGOING DISPUTES, CONTROVERSIES AND CLAIMS HEREINAFTER
REFERRED TO AS AN "AGREEMENT DISPUTE"), SHALL BE

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BROUGHT ONLY IN A FEDERAL OR STATE COURT LOCATED IN THE COUNTY, CITY AND STATE
OF NEW YORK, AND EACH OF THE PARTIES HERETO (i) UNCONDITIONALLY ACCEPTS THE
EXCLUSIVE JURISDICTION OF SUCH COURTS AND ANY RELATED APPELLATE COURT AND
IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY AND (ii)
IRREVOCABLY WAIVES ANY OBJECTION SUCH PARTY MAY NOW HAVE OR HEREAFTER HAS AS TO
THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS
AN INCONVENIENT FORUM. EACH OF THE PARTIES HERETO HEREBY WAIVES TRIAL BY JURY
IN ANY JUDICIAL PROCEEDING TO WHICH THEY ARE PARTIES INVOLVING AN AGREEMENT
DISPUTE.

     6.8 Notices. All notices and other communications required or permitted
hereunder shall be in writing and shall be personally delivered, mailed by
registered or certified mail, postage prepaid, return receipt requested, or
otherwise delivered by a nationally recognized overnight courier, addressed to
the applicable party at its address set forth under its name on the signature
page hereto (or such other address as such party shall hereafter specify by
written notice in writing to the other parties hereto). Any such notice or
communication shall be deemed to have been received (A) in the case of personal
delivery, on the date of such delivery, (B) in the case of a nationally
recognized overnight courier, on the next business day after the date when
sent, and (C) in the case of mailing, on the third business day following that
on which the piece of mail containing such communication is posted.

     6.9 Entire Agreement. This Agreement and the documents referred to herein
or delivered pursuant hereto or pursuant to such documents, including all
exhibits and schedules, contain the entire understanding of the parties with
respect to their subject matter and supersede all prior agreements and
understandings among the parties with respect to their subject matter.

     6.10 Severability. Each provision of this Agreement shall be interpreted
in such manner as to be effective and valid under applicable law, but if any
provision of this Agreement is held to be prohibited or invalid under
applicable law, such provision will be ineffective only to the extent of such
prohibition or invalidity, without invalidating the remainder of this
Agreement.

     6.11 Descriptive Headings. The section and other headings contained in
this Agreement are for convenience of reference only and shall not affect the
meaning or interpretation of this Agreement.

                                       9
<PAGE>

     6.12 Counterparts. This Agreement may be executed in one or more
counterparts, each of which when so executed and delivered shall be deemed to
be an original and all of which together shall be deemed to be one and the same
agreement.

                           [Signature page(s) follow]

                                      10
<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.

                               EDIFICEREX.COM, INC.

                               By: /s/ Jeffrey P. Cohen
                                   --------------------------
                                    Jeffrey P. Cohen
                                    Executive Vice President

                                    Address:
                                    200 Park Avenue
                                    New York, New York 10166
                                    Attention:  Jeffrey P. Cohen

                               METROPOLITAN INTERNET PARTNERS I, LLC

                               By:  MIP I, LLC, its Managing Member

                               By:  Insignia Internet Initiatives, Inc.,
                                       its Managing Member

                               By: /s/ Adam B. Gilbert
                                   --------------------------
                                     Adam B. Gilbert
                                     President

                                     Address:
                                     c/o Insignia Internet Initiatives, Inc.
                                     300 Delaware Avenue, Suite 900
                                     Wilmington, Delaware 19801
                                     Attention: Adam B. Gilbert

                               BLACKACRE CAPITAL MANAGEMENT, LLC

                               By: /s/ Ronald Kravit
                                   --------------------------
                                     Ronald Kravit
                                     Managing Director

                                     Address:
                                     450 Park Avenue
                                     New York, New York 10022
                                     Attention: Ronald Kravit

                                       11

<PAGE>

                            SCHEDULE I

                          March 15, 2000

              Name of Investor           Number of Shares   Purchase Price
                                         of Series C
                                         Preferred Stock
                                         Purchased
---------------------------------------- ------------------ --------------------

Metropolitan Internet Partners I, LLC       4,543,040       $35,481,142.40

Blackacre Capital Management, LLC              52,309          $408,533.29

                                      12<PAGE>

                              EDIFICEREX.COM, INC.

                             STOCKHOLDERS' AGREEMENT

                                 March 15, 2000

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                                               PAGE
<S>                  <C>                                                                                      <C>

Article I             Definitions................................................................................1

     1.1              Certain Definitions........................................................................1

Article II            Securities Act.............................................................................3

     2.1              Restrictive Legend.........................................................................3

Article III           Reports; Confidentiality...................................................................3

     3.1              Delivery of Financial Statements...........................................................3

     3.2              Confidentiality............................................................................4

     3.3              Termination of Covenants...................................................................4

Article IV            Preemptive Rights..........................................................................4

     4.1              Rights of First Offer......................................................................4

     4.2              Sale of Securities by Company..............................................................5

Article V             Transfers of Shares........................................................................5

     5.1              General Restrictions on Transfer...........................................................5

     5.2              Requirements Applicable to Transfers.......................................................5

     5.3              [Reserved].................................................................................6

     5.4              Tag-Along Option...........................................................................6

     5.5              Prohibited Transfers.......................................................................7

Article VI            Miscellaneous..............................................................................7

     6.1              Termination................................................................................7

     6.2              Governing Law; Jurisdiction................................................................7

     6.3              Successors and Assigns.....................................................................8

     6.4              Notices, Etc...............................................................................8

     6.5              Delays or Omissions........................................................................8

     6.6              Third Parties..............................................................................8

     6.7              Severability...............................................................................8

     6.8              Amendment and Waiver.......................................................................8

     6.9              Rights of Stockholder......................................................................9

     6.10             Titles and Subtitles.......................................................................9

     6.11             Entire Agreement...........................................................................9

     6.12             Neutral Construction.......................................................................9

     6.13             Counterparts...............................................................................9

</TABLE>

<PAGE>

                             STOCKHOLDERS' AGREEMENT

         This Stockholders' Agreement (this "Agreement"), dated as of March 15,
2000, is made by and among EdificeRex.com, Inc., a Delaware corporation (the
"Company"), Insignia Financial Group, Inc., a Delaware corporation ("Insignia"),
the persons listed on the signature pages hereto (the "Investors") and any
transferee who subsequently becomes a party to this Agreement in accordance with
the terms hereof (such transferees, together with the Investors, the
"Stockholders").

                               W I T N E S S E T H

         WHEREAS, pursuant to the terms of one or more Series C Preferred Stock
Purchase Agreements between the Company and the Investors (each, a "Purchase
Agreement"), and as an inducement to consummate the transactions contemplated by
the Purchase Agreements, it is a condition to the consummation of the
transactions contemplated by the Purchase Agreements that the Company, Insignia
and the Stockholders enter into this Agreement;

         NOW, THEREFORE, in consideration of the mutual promises and covenants
and agreements set forth herein, the parties hereby agree as follows:

                                    ARTICLE I

                                   DEFINITIONS
                                   -----------

         1.1 CERTAIN DEFINITIONS. As used in this Agreement, the following terms
shall have the following meanings:

         "AFFILIATE" of a person is (A) in respect of a person which is not an
individual, any other person that, directly or indirectly, Controls or is
Controlled by, or is under common Control with such person, and (B) with respect
to an individual, such person's spouse, a parent or lineal descendant (including
an adopted child) of a parent, or the spouse of a lineal descendant of a parent,
a trustee, guardian or custodian for, or an executor, administrator or other
legal representative of the estate of, such person, or a trustee, guardian or
custodian for an Affiliate of such person, or the trustee of a trust (including
a voting trust) for the benefit of such person. In addition, for purposes of
this definition, all employees, directors, officers, stockholders, consultants
and advisors of Insignia and all Controlled subsidiaries of Insignia shall be
deemed to be Affiliates of Insignia.

         "BOARD" shall mean the board of directors of the Company as constituted
from time to time.

         "COMMISSION" shall mean the Securities and Exchange Commission or any
other federal agency at the time administering the Securities Act.

         "COMMON STOCK EQUIVALENTS" shall mean, with respect to any Securities
at any given time, the aggregate number of shares of Class A Common Stock, par
value $.001 per share, included in or for or into which such Securities are
exchangeable, convertible, or exercisable at such time.

          "CONTROL" (including the terms "Controlling," "Controlled,"
"Controlled by" and "under common Control with"), as used with respect to any
entity, shall mean ownership of 50% or more of the voting securities of such
entity.

<PAGE>

         "EXCHANGE ACT" shall mean the Securities Exchange Act of 1934, as
amended, or any similar federal statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect at the time.

         "FINANCING" shall mean any offering or series of related offerings of
Securities by the Company for cash, except the following: (i) the issuance or
sale of Securities to employees, officers, directors or consultants of the
Company for the primary purpose of soliciting or retaining their services as
shall have been approved by the Board; (ii) the issuance or sale of Securities
to strategic business partners, leasing entities, vendors or financial
institutions in connection with transactions approved by the Board, provided
that the primary business purpose of any such transaction is something other
than raising capital; (iii) the sale of Securities in an Initial Public
Offering; (iv) any issuances of Securities in connection with any stock split,
reverse split, stock dividend or recapitalization by the Company (provided that
none of the foregoing is in connection with raising capital); or (v) the
issuance of Securities in connection with the acquisition of another entity by
the Company by merger, consolidation, or purchase of all or substantially all of
the assets, shares or other interests of such entity.

         "GAAP" shall mean U.S. generally accepted accounting principles in
effect from time to time.

         "INITIAL PUBLIC OFFERING" shall mean an offering by the Company of its
equity securities to the general public in which the net proceeds to the Company
are in excess of $20,000,000 (after deduction of underwriters' discounts and
commissions and expenses of the offering) and the public offering price per
share is equal to or greater than $10.00 (as adjusted for stock splits, reverse
splits, divisions, combinations or similar events) and the underwritten equity
securities are listed for trading on either the New York Stock Exchange, the
American Stock Exchange or The Nasdaq Stock Market's National Market.

         "INSIGNIA GROUP" means Insignia and its Controlled Affiliates taken as
a whole.

         "OWNERSHIP PERCENTAGE" shall mean, with respect to any particular
Stockholder at any given time, the fully-diluted common economic interest in the
Company (assuming full conversion, exchange or exercise of all then outstanding
Securities which are convertible into or exchangeable or exercisable for common
equity securities of the Company in accordance with their terms) represented by
the Shares held of record by such Stockholder at such time, expressed as a
percentage.

         "SECURITY" shall mean any equity security of the Company and any
security which by its terms is convertible into or exchangeable or exercisable
for any equity security of the Company.

         "SECURITIES ACT" shall mean the Securities Act of 1933, as amended, or
any similar federal statute and the rules and regulations of the Commission
thereunder, all as the same shall be in effect at the time.

         "SHARES" shall mean the shares of Series C Preferred Stock, par value
$.001 per share, of the Company purchased by the Investors pursuant to the
Purchase Agreement, together with any shares of Class A Common Stock, par value
$.001 per share, into which such shares of Series C Preferred Stock are
converted.

                                       2
<PAGE>

                                   ARTICLE II

                                 SECURITIES ACT
                                 --------------

         2.1 RESTRICTIVE LEGEND. Each certificate representing Shares shall be
stamped or otherwise imprinted with a legend in the following form (in addition
to any legend required under applicable state securities laws):

                (a) "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT
                    BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
                    (THE "SECURITIES ACT"), OR UNDER THE SECURITIES LAWS OF ANY
                    STATE. SUCH SECURITIES MAY NOT BE SOLD, TRANSFERRED OR
                    PLEDGED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE
                    EXEMPTION THEREFROM."

                (b) "THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY BE
                    TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF A
                    STOCKHOLDERS AGREEMENT AMONG THE COMPANY AND CERTAIN OF ITS
                    STOCKHOLDERS, A COPY OF WHICH IS ON FILE WITH THE SECRETARY
                    OF THE COMPANY."

         The legend set forth in Section 2.1(a) hereof will be removed by the
Company from any certificate representing Shares (i) at the request of any
Stockholder if such Stockholder shall have obtained and delivered to the Company
a written opinion (addressed to the Company) of counsel reasonably acceptable to
the Company to the effect that the Shares proposed to be disposed of may
lawfully be so disposed without registration, qualification or legend or (ii) at
such time as a registration statement under the Securities Act is in effect with
respect to such Shares.

         The legend set forth in Section 2.1(b) hereof will be removed by the
Company from any certificate representing Shares at such time as this Agreement
is terminated in accordance with Section 6.1 hereof.

                                  ARTICLE III

                            REPORTS; CONFIDENTIALITY
                            ------------------------

         3.1 DELIVERY OF FINANCIAL STATEMENTS.
             ---------------------------------

         (a) Within 45 days after the end of each of the first three fiscal
quarters of each fiscal year of the Company, the Company shall deliver to each
Stockholder owning Shares, a consolidated balance sheet of the Company and its
subsidiaries as at the end of such fiscal quarter and the related consolidated
statements of operations, shareholders' equity and cash flows for such fiscal
quarter and for the portion of the fiscal year then ended, without footnote
disclosure, setting forth in the case of each fiscal quarter ending after
completion of the Company's first fiscal year, in comparative form, the figures
for the corresponding periods of the previous fiscal year, certified by the
chief financial officer or other senior officer designated by the chief
executive officer of the Company as fairly presenting in all material respects
the consolidated financial condition and results of operations of the Company
and its subsidiaries as at the end of such fiscal quarter and for the period(s)
then ended and as having been prepared in accordance with GAAP (except for the
absence of footnotes) applied on a basis consistent with the

                                       3

<PAGE>

audited financial statements of the Company, subject to changes resulting from
audit and normal year-end adjustments.

         (b) Within 90 days after the end of each fiscal year, the Company shall
deliver to each Stockholder owning Shares, an audited consolidated balance sheet
of the Company and its subsidiaries as of the end of such fiscal year and the
related audited consolidated statements of operations, shareholders' equity and
cash flows for such fiscal year, setting forth in the case of each fiscal year
ending after completion of the Company's first fiscal year, in comparative form,
the figures for the previous fiscal year, certified by the Company's independent
accountants (which shall be a firm of nationally recognized standing).

         3.2 CONFIDENTIALITY. Each Stockholder agrees that any information
obtained by such Stockholder pursuant to this Article III will not be disclosed
without the prior written consent of the Company. Each Stockholder further
acknowledges and understands that any information so obtained may be considered
"inside" non-public information and may not be utilized by such Stockholder in
connection with purchases and/or sales of the securities of the Company or
Insignia except in compliance with applicable state and federal securities laws.
The foregoing notwithstanding, a Stockholder may provide information obtained by
it pursuant to this Article III to (i) a prospective transferee, in connection
with any Transfer permitted under this Agreement, provided that such prospective
transferee has executed a nondisclosure agreement in form and substance
satisfactory to the Company, or (ii) to any party, provided that such disclosure
is compelled by judicial or administrative process or by other requirements of
law, and notice of such disclosure is furnished to the Company, or is
information otherwise in the public domain (other than by reason of a breach of
this Section 3.2 by any Stockholder).

         3.3 TERMINATION OF COVENANTS. The covenants set forth in Article III
shall terminate, and be of no further force or effect, upon the earlier of (i)
the termination of this Agreement pursuant to Section 6.1 or (ii) such time as
the Company initially becomes subject to the periodic reporting requirements of
Section 13 or 15(d) of the Exchange Act.

                                   ARTICLE IV

                                PREEMPTIVE RIGHTS
                                -----------------

         4.1 RIGHTS OF FIRST OFFER. Subject to the terms and conditions
specified in this Article IV, the Company hereby grants to each Stockholder
owning Shares a right of first offer with respect to future sales by the Company
of its Securities in connection with any Financing. Each time the Company
proposes to offer any Securities in a Financing, the Company shall first offer
such Securities to each Stockholder owning Shares in accordance with the
following provisions:

         (a) The Company shall deliver a notice ("Notice") to each Stockholder
owning Shares stating (i) its intention to offer such Securities for sale, (ii)
the number of such Securities to be offered (the "Offered Securities"), (iii)
the price for which it proposes to offer such Securities, (iv) the terms and
conditions of such offer and (v) such Stockholder's Ownership Percentage as of
the date of such Notice.

         (b) Within ten (10) calendar days after receipt of the Notice, each
Stockholder (or Controlled Affiliate of such Stockholder) may elect to purchase,
at the price and on the terms specified in the Notice, up to that number of
Offered Securities equal to such Stockholder's Ownership Percentage multiplied
by the Offered Securities, by providing the Company with written notice of its
election, provided that such Stockholder (or a Controlled Affiliate) is an
"accredited investor" (as defined in Rule 501(a) under the Securities Act) at
the time of purchase.

                                       4

<PAGE>

         4.2 SALE OF SECURITIES BY COMPANY. Within sixty (60) days of the
expiration of the 10-day period described in Section 4.1(b), any Offered
Securities which the Stockholders have not elected to purchase may be sold by
the Company to any person or persons at a price not less than, and upon terms no
more favorable to such person or persons than, those specified in the Notice. If
the Company does not complete the sale of all such Offered Securities within
such 60-day period, the rights of the Stockholders under this Article IV with
respect to any such unsold Offered Securities shall be revived.

                                   ARTICLE V

                               TRANSFERS OF SHARES
                               -------------------

         5.1 GENERAL RESTRICTIONS ON TRANSFER.

                (a) No Stockholder may give, sell, assign, transfer, exchange or
otherwise dispose of any Shares (each such activity, a "Transfer") in
contravention of the terms and conditions of this Article V. A pledge or the
grant of a security interest in Shares to secure a bona fide loan shall not
constitute a Transfer. A Transfer of the equity interests in a special-purpose
entity whose only significant asset is Shares of the Company (or its equity in
another such special-purpose entity) shall also be subject to the provisions of
this Article V as if such equity interests represented the underlying Shares;
provided, however, that this clause shall not be applicable to Metropolitan
Internet Partners I, LLC.

                (b) The Company shall be entitled to treat the record owner of
Shares as the absolute owner thereof in all respects, and shall incur no
liability for distributions of cash or other property made in good faith to such
owner until, subject to compliance with this Article V, such time as a written
assignment of such Shares has been received and accepted by the Company and
recorded on the books of the Company.

         5.2 REQUIREMENTS APPLICABLE TO TRANSFERS.

                (a) Every Transfer shall be subject to all of the following
conditions and requirements:

                        (i) The proposed Transfer must not cause or result in
                any violation of law, including without limitation federal or
                state securities laws. Without limiting the foregoing, the
                proposed Transfer must not (i) cause the Company to become an
                investment company as defined in the Investment Company Act of
                1940, as amended, or (ii) require the registration of the
                Company's securities under federal or state securities laws.

                        (ii) The transferee must execute and deliver to the
                Company a joinder agreement, in form and substance reasonably
                satisfactory to the Company, pursuant to which it agrees to
                become a party to and be bound by this Agreement, and to be
                subject to the same provisions applicable to the transferor in
                this Agreement.

                        (iii) Prior to any proposed Transfer, the transferor
                must give written notice to the Company of such transferor's
                intention to effect such Transfer, which notice must describe
                the manner and circumstances of the proposed Transfer in
                reasonable detail as well as the identity of the transferee.

                        (iv) If requested by the Company, the transferor must
                deliver to the Company, at such transferor's expense, a written
                opinion, addressed to the Company, of legal counsel reasonably
                satisfactory to the Company to the effect that the proposed

                                       5

<PAGE>

                Transfer of Shares may be effected without registration under
                the Securities Act and applicable state securities laws.

                        (v) Shares may only be Transferred in exchange for
                consideration consisting solely of cash.

                        (vi) The transferee may not be a competitor of the
                Company (as determined by the Board acting in good faith).

                (b) No Transfer of Shares by a Stockholder in accordance with
the terms hereof shall relieve such Stockholder from its obligations under this
Agreement.

                (c) Notwithstanding the foregoing, the provisions of Sections
5.2(a)(v) shall not apply to a Transfer by a Stockholder to an Affiliate.

                                5.3 [RESERVED].

         5.4 TAG-ALONG OPTION. In the event that one or more members of the
Insignia Group proposes to Transfer Securities representing on a fully-diluted
basis 10% or more of the combined voting power of the Company at the time of
such Transfer in any one or a series of transactions (other than Transfers to
Controlled Affiliates), then the Stockholders shall have the right to
participate in such Transfer (the "Tag-Along Option") as follows:

                (a) Insignia shall deliver to each Stockholder holding Shares a
notice (the "Tag-Along Notice") setting forth the name of the transferee, the
Securities to be Transferred, the price (expressed in terms of dollars per
Common Stock Equivalent) and other material terms of the Transfer, and any other
relevant material information available regarding the proposed Transfer at least
fifteen (15) days prior to such Transfer.

                (b) Each such Stockholder shall have the right (exercisable
within ten (10) days of such Stockholder's receipt of the Tag-Along Notice) to
sell a portion of its Shares to such transferee which is equal to or less than
the product obtained by multiplying (i) the total number of Shares owned by such
Stockholder by (ii) a fraction, the numerator of which is the total number of
Common Stock Equivalents represented by the Securities proposed to be
Transferred by the Insignia Group, and the denominator of which is the total
number of Common Stock Equivalents represented by all Securities then owned by
the Insignia Group. Any such election to participate shall be made by written
notice (a "Tag Along Notice of Election") to Insignia within ten (10) days of
such Stockholder's receipt of the Tag-Along Notice. The right of each
Stockholder to participate in such Transfer shall be conditioned upon such
Stockholder's execution of such documents and agreements as the proposed
transferee may require; provided, however, that the terms of such documents and
agreements shall be no more onerous than those set forth in the documents and
agreements to be executed by the Insignia Group in connection with such
Transfer; and further provided that no such Stockholder shall be required to
indemnify a transferee for an amount in excess of the total consideration to be
received by such Stockholder pursuant to such Transfer.

                (c) If no Stockholder elects to participate by delivering a
Tag-Along Notice of Election within ten (10) days of the receipt of the
Tag-Along Notice, Insignia may sell the Securities to be Transferred on the
terms and conditions set forth in the Tag-Along Notice.

                (d) If one or more Stockholders elects to participate by
delivering a Tag-Along Notice of Election within ten (10) days of the receipt of
the Tag-Along Notice, Insignia shall use all reasonable efforts to cause the
prospective transferee(s) to agree to acquire all Securities included in the
Tag-Along

                                       6

<PAGE>

Notice and all Shares included in the Tag-Along Notice(s) of Election, upon the
same terms and conditions set forth in the Tag-Along Notice. If such prospective
transferee is unwilling or unable to acquire all of such additional Shares upon
such terms, then Insignia may elect either to cancel such Transfer or to proceed
with such Transfer by reducing the number of Securities to be sold pursuant to
the Tag-Along Notice and Shares to be sold pursuant to the Tag-Along Notice(s)
of Election such that the total number of Common Stock Equivalents represented
by the Securities to be sold by the Insignia Group, on the one hand, and the
total number of Common Stock Equivalents represented by Shares to be sold by the
Stockholders that delivered Tag-Along Notices of Election, on the other hand,
does not exceed the total number of Common Stock Equivalents such transferee is
willing to purchase. Specifically, pursuant to the preceding sentence, the
number of Common Stock Equivalents represented by the Securities proposed to be
sold by the Insignia Group and the number of Common Stock Equivalents
represented by Shares proposed to be sold by the Stockholders who delivered
Tag-Along Notices of Election shall each be reduced by being multiplied by a
fraction, the numerator of which is equal to the total number of Common Stock
Equivalents the transferee is willing to purchase and the denominator of which
is equal to the total number of Common Stock Equivalents represented by
Securities proposed to be sold by the Insignia Group plus the total number of
Common Stock Equivalents represented by Shares proposed to be sold by the
Stockholders who delivered Tag-Along Notices of Election.

                (e) Within ten (10) days after the date by which the
Stockholders were first required to notify Insignia of their intent to
participate, Insignia shall notify each Stockholder who has elected to
participate of the number of Shares held by such Stockholder that will be
included in the Transfer and the date on which the Transfer will be consummated.

                (f) Each of the Stockholders electing to Transfer his or its
Shares pursuant to this Section 5.4 shall deliver to the transferee, or to
Insignia for delivery to the transferee, the Share certificate(s) representing
such Stockholder's Shares to be Transferred in genuine and unaltered form, duly
endorsed in blank or accompanied by duly executed stock powers in blank, with
all requisite transfer stamps, if any, attached thereto. At the time of
consummation of the Transfer, the transferee shall remit directly to each such
Stockholder that portion of the sale proceeds to which such Stockholder is
entitled by reason of his participation therein.

         5.5 PROHIBITED TRANSFERS. Any purported Transfer of Securities in
violation of any provision of this Agreement shall be null and void and
ineffective to Transfer any Securities and shall not be binding upon or be
recognized by the Company, and no such Transfer shall be made or recorded on the
books of the Company. In the event that any Stockholder or member of the
Insignia Group shall at any time attempt to Transfer Securities in violation of
any of the provisions of this Agreement, the Company, Insignia and the
Stockholders, as the case may be, in addition to all rights and remedies at law
and equity, shall have and be entitled to an order restraining or enjoining such
Transfer (without the need to post a bond or other security), it being expressly
acknowledged and agreed that damages at law would be an inadequate remedy for a
Transfer in violation of this Agreement.

                                   ARTICLE VI

                                  MISCELLANEOUS
                                  -------------

         6.1 TERMINATION. This Agreement shall terminate upon the closing of an
Initial Public Offering.

         6.2 GOVERNING LAW; JURISDICTION. This Agreement shall be construed in
accordance with, and governed in all respects by, the laws of the State of
Delaware, as applied to agreements entered into, and to be performed entirely in
such state, between residents of such state. The parties hereto agree to submit
to the jurisdiction of the federal and state courts of the State of New York
with respect to the breach or

                                       7

<PAGE>

interpretation of this Agreement or the enforcement of any and all rights,
duties, liabilities, obligations, powers and other relations between the parties
arising under this Agreement.

         6.3 SUCCESSORS AND ASSIGNS. Except as otherwise provided herein, the
provisions hereof shall inure to the benefit of, and be binding upon, the
successors, assigns, heirs, executors and administrators of the parties hereto.

         6.4 NOTICES, ETC. All notices and other communications required or
permitted hereunder, shall be in writing and shall be personally delivered,
mailed by registered or certified mail, postage prepaid, return receipt
requested, or otherwise delivered by a nationally-recognized overnight courier,
addressed (a) if to Insignia, at Insignia's address set forth on the signature
page hereto, or such other address as Insignia shall have furnished to the
Company in writing, (b) if to a Stockholder, at its address set forth on the
signature page hereto, or the address set forth in the applicable joinder
agreement, as the case may be, or such other address as such Stockholder shall
have furnished to the Company in writing, or (c) if to the Company, at its
address set forth on the signature page hereto addressed to the attention of the
Corporate Secretary, or at such other address as the Company shall have
furnished to the Stockholders. Any such notice or communication shall be deemed
to have been received (A) in the case of personal delivery, on the date of such
delivery, (B) in the case of a nationally-recognized overnight courier, on the
next business day after the date when sent, and (C) in the case of mailing, on
the third business day following that on which the piece of mail containing such
communication is posted.

         6.5 DELAYS OR OMISSIONS. No delay or omission to exercise any right,
power or remedy accruing to any holder of any Securities upon any breach or
default of the Company under this Agreement shall impair any such right, power
or remedy of such holder, nor shall it be construed to be a waiver of any such
breach or default, or an acquiescence therein, or of or in any similar breach or
default thereafter occurring; nor shall any waiver of any single breach or
default be deemed a waiver of any other breach or default theretofore or
thereafter occurring. Any waiver, permit, consent or approval of any kind or
character on the part of any holder of any breach or default under this
Agreement, or any waiver on the part of any party of any provisions or
conditions of this Agreement, must be in writing and shall be effective only to
the extent specifically set forth in such writing or as provided in this
Agreement. All remedies, either under this Agreement or by law or otherwise
afforded to any Stockholder, shall be cumulative and not alternative.

         6.6 THIRD PARTIES. Nothing in this Agreement, express or implied, is
intended to confer upon any party, other than the parties hereto, and their
respective successors and assigns, any rights, remedies, obligations or
liabilities under or by reason of this Agreement, except as expressly provided
herein.

         6.7 SEVERABILITY. If one or more provisions of this Agreement are held
to be unenforceable under applicable law, portions of such provisions, or such
provisions in their entirety, to the extent necessary, shall be severed from
this Agreement, and the balance of this Agreement shall be enforceable in
accordance with its terms.

         6.8 AMENDMENT AND WAIVER. Any provision of this Agreement may be
amended with the written consent of the Company, Insignia and the holders of at
least a majority of the outstanding Shares then held by the Stockholders. Any
amendment effected in accordance with this paragraph shall be binding upon each
Stockholder, Insignia and the Company. In addition, any party may waive
performance of any obligation owing to it by any other party, or agree to accept
alternatives to such performance, without obtaining the consent of any other
party, provided such waiver is in writing and signed by the party charged
therewith.

                                       8

<PAGE>

         6.9 RIGHTS OF STOCKHOLDER. Each Stockholder shall have the absolute
right to exercise or refrain from exercising any right or rights that such
Stockholder may have by reason of this Agreement, including, without limitation,
the right to consent to the waiver or modification of any obligation under this
Agreement, and such Stockholder shall not incur any liability to any other
Stockholder as a result of exercising or refraining from exercising any such
right or rights.

         6.10 TITLES AND SUBTITLES. The titles of the paragraphs and
subparagraphs of this Agreement are for convenience of reference only and are
not to be considered in construing this Agreement.

         6.11 ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
of the parties with respect to the subject matter hereof and supersedes all
prior understandings or agreements, whether written or oral, with respect to the
subject matter hereof.

         6.12 NEUTRAL CONSTRUCTION. The parties to this Agreement agree that
this Agreement was negotiated fairly between them at arm's length and that the
final terms of this Agreement are the product of the parties' negotiations. Each
party represents and warrants that it has sought and received legal counsel of
its own choosing with regard to the content of this Agreement and the rights and
obligations affected hereby. The parties agree that this Agreement shall be
deemed to have been jointly and equally drafted by them, and that the provisions
of this Agreement therefore should not be construed against a party or parties
on the grounds that the party or parties drafted or was more responsible for
drafting the provision(s).

         6.13 COUNTERPARTS. This Agreement may be executed in any number of
counterparts, by manual and facsimile signatures, each of which shall be an
original document enforceable against the parties actually executing such
counterparts, and all of which together shall constitute one instrument.

                            [SIGNATURE PAGE FOLLOWS]

                                       9

<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.

                                        COMPANY:
                                        --------

Address:                                EDIFICEREX.COM, INC.
--------
EdificeRex.com, Inc.
200 Park Avenue
New York, New York 10166                By: /s/Jeffrey P. Cohen
                                            ---------------------------
Attention:  Jeffrey P. Cohen                Jeffrey P. Cohen
                                            Executive Vice President

                                        INSIGNIA:
                                        ---------
Address:                                INSIGNIA FINANCIAL GROUP, INC.
--------
Insignia Financial Group, Inc.
200 Park Avenue
New York, New York 10166                By: /s/Jeffrey P. Cohen
                                            ---------------------------
Attention:  Jeffery P. Cohen                Jeffrey P. Cohen
                                            Executive Vice President

                                        INVESTORS:
                                        ----------
Address:                                METROPOLITAN INTERNET PARTNERS I,
--------                                LLC
c/o Insignia Internet Initiatives, Inc.
300 Delaware Avenue, Suite 900
Wilmington, Delaware 19801              By: MIP I, LLC, its Managing Member
Attention: President
                                        By: Insignia Internet Initiatives, Inc.,
                                            its Managing Member

                                        By: /s/Adam Gilbert
                                            ---------------------------
                                            Adam Gilbert
                                            President

Address:                                BLACKACRE CAPITAL MANAGEMENT, LLC
--------
Blackacre Capital Management, LLC
450 Park Avenue
28th Floor
New York, NY  10022                     By: Ronald Kravit
                                            ---------------------------
Attention:  Ronald Kravit                   Ronald Kravit
                                            Managing Director

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