Document:

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                                                                   Exhibit 10.51

                                CORECOMM LIMITED

                     2000 SPECIAL VOYAGER STOCK OPTION PLAN

SECTION 1. GENERAL PURPOSE OF THE PLAN; DEFINITIONS

         CoreComm Limited (the "CoreComm") and Voyager.net, Inc. ("Voyager")
executed a merger agreement on March 12, 2000 (the "Merger Agreement"). The
Merger Agreement provides that all options granted under the Amended and
Restated Voyager.net, Inc. 1998 Stock Option and Incentive Plan (the "Voyager
Plan"), which are outstanding at the effective time of the merger, shall be
assumed by the Company (the "Assumed Options"), and that the Assumed Options
shall continue to have, and be subject to, the same terms and conditions as set
forth in this Plan and option agreements, provided that: (i) all references to
Voyager shall be deemed to be references to CoreComm and all references to
shares of Voyager Common Stock shall be deemed to be references to shares of
CoreComm Common Stock, (ii) each Voyager option shall be exercisable for that
number of whole shares of CoreComm Common Stock equal to the product of the
number of shares of Voyager Common Stock covered by such Voyager option
immediately prior to the effective time of the merger multiplied by the "Option
Exchange Ratio" (as defined below) and rounded to the nearest whole number of
shares of CoreComm Common Stock, and (iii) the exercise price per share of
Voyager Common Stock under such Voyager option shall be equal to the exercise
price per share of Voyager Common Stock under the Voyager option divided by the
Option Exchange Ratio and rounded to the nearest cent. The Option Exchange Ratio
is .733.

         The Voyager Plan provided for the acceleration of unvested shares in
the event of a "change in control" of Voyager. The merger constituted a "change
in control" under the Voyager Plan, and therefore, all of the Assumed Options
are now fully vested. In accordance with the terms of the Merger Agreement,
CoreComm assumed the Voyage Plan, and amended, restated and renamed it the
CoreComm Limited 2000 Special Voyager Stock Option Plan (hereinafter referred to
as the "Plan").

         Unless otherwise defined above, the following terms shall be defined as
set forth below:

         "Act" means the Securities Exchange Act of 1934, as amended.

         "Administrator" is defined in Section 2(a).

         "Award" or "Awards," except where referring to a particular category of
grant under the Plan, shall include Incentive Stock Options, Non-Qualified Stock
Options, Stock Appreciation Rights, Deferred Stock Awards, Restricted Stock
Awards, Unrestricted Stock Awards, Performance Share Awards and Dividend
Equivalent Rights.

         "Board" means the Board of Directors of the Company.

         "Change of Control" is defined in Section 17.
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         "Code" means the Internal Revenue Code of 1986, as amended, and any
successor Code, and related rules, regulations and interpretations.

         "Committee" means the Committee of the Board referred to in Section 2.

         "Company" means CoreComm Limited.

         "Covered Employee" means an employee who is a "Covered Employee" within
the meaning of Section 162(m) of the Code.

         "Deferred Stock Award" means Awards granted pursuant to Section 8.

         "Dividend Equivalent Right" means Awards granted pursuant to Section
12.

         "Effective Date" means the date on which the Plan is approved by
stockholders as set forth in Section 19.

         "Fair Market Value" of the Stock on any given date means the fair
market value of the Stock determined in good faith by the Administrator;
provided, however, that if the Stock is admitted to quotation on the National
Association of Securities Dealers Automated Quotation System ("NASDAQ"), NASDAQ
National System or a national securities exchange, the determination shall be
made by reference to market quotations. If there are no market quotations for
such date, the determination shall be made by reference to the last date
preceding such date for which there are market quotations. Fair Market Value
with respect to any Stock Options issued by the Company in connection with the
effectiveness of a registration statement for the initial public offering of
common stock shall mean the price per share of common stock offered to the
public in such public offering.

         "Incentive Stock Option" means any Stock Option designated and
qualified as an "incentive stock option" as defined in Section 422 of the Code.

         "Independent Director" means a member of the Board who is not also an
employee of the Company or any Subsidiary.

         "Non-Qualified Stock Option" means any Stock Option that is not an
Incentive Stock Option.

         "Option" or "Stock Option" means any option to purchase shares of Stock
granted pursuant to Section 5.

         "Performance Share Award" means Awards granted pursuant to Section 10.

         "Performance Cycle" means one or more periods of time, which may be of
varying and overlapping durations, as the Administrator may select, over which
the attainment of one or more performance criteria will be measured for the
purpose of determining a participant's right to and the payment of a Performance
Share Award, Restricted Stock Award or Deferred Stock Award.

         "Restricted Stock Award" means Awards granted pursuant to Section 7.
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         "Stock" means the Common Stock, par value $.01 per share, of the
Company, subject to adjustments pursuant to Section 3.

         "Stock Appreciation Right" means any Award granted pursuant to Section
6.

         "Subsidiary" means any corporation or other entity (other than the
Company) in any unbroken chain of corporations or other entities beginning with
the Company if each of the corporations or entities (other than the last
corporation or entity in the unbroken chain) owns stock or other interests
possessing 50 percent or more of the economic interest or the total combined
voting power of all classes of stock or other interests in one of the other
corporations or entities in the chain.

         "Unrestricted Stock Award" means any Award granted pursuant to Section
9.

SECTION 2. ADMINISTRATION OF PLAN: ADMINISTRATOR AUTHORITY TO SELECT
           PARTICIPANTS AND DETERMINE AWARDS

         (a) Committee. The Plan shall be administered by either the Board or a
committee of not less than two Independent Directors (in either case, the
"Administrator").

         (b) Powers of Administrator. The Administrator shall have the power and
authority to grant Awards consistent with the terms of the Plan, including the
power and authority

                  (i) to select the individuals to whom Awards may from time to
         time be granted;

                  (ii) to determine the time or times of grant, and the extent,
         if any, of Incentive Stock Options, Non-Qualified Stock Options, Stock
         Appreciation Rights, Restricted Stock Awards, Deferred Stock Awards,
         Unrestricted Stock Awards, Performance Share Awards and Dividend
         Equivalent Rights, or any combination of the foregoing, granted to any
         one or more participants;

                  (iii) to determine the number of shares of Stock to be covered
         by any Award;

                  (iv) to determine and modify from time to time the terms and
         conditions, including restrictions, not inconsistent with the terms of
         the Plan, of any Award, which terms and conditions may differ among
         individual Awards and participants, and to approve the form of written
         instruments evidencing the Awards;

                  (v) to accelerate at any time the exercisability or vesting of
         all or any portion of any Award;

                  (vi) subject to the provisions of Section 5(a)(ii), to extend
         at any time the period in which Stock Options may be exercised;

                  (vii) to determine at any time whether, to what extent, and
         under what circumstances distribution or the receipt of Stock and other
         amounts payable with
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         respect to an Award shall be deferred either automatically or at the
         election of the participant and whether and to what extent the Company
         shall pay or credit amounts constituting interest (at rates determined
         by the Administrator) or dividends or deemed dividends on such
         deferrals; and

                  (viii) at any time to adopt, alter and repeal such rules,
         guidelines and practices for administration of the Plan and for its own
         acts and proceedings as it shall deem advisable; to interpret the terms
         and provisions of the Plan and any Award (including related written
         instruments); to make all determinations it deems advisable for the
         administration of the Plan; to decide all disputes arising in
         connection with the Plan; and to otherwise supervise the administration
         of the Plan.

                  All decisions and interpretations of the Administrator shall
be binding on all persons, including the Company and Plan participants.

         (c) Delegation of Authority to Grant Awards. The Administrator, in its
discretion, may delegate to the Chief Executive Officer of the Company all or
part of the Administrator's authority and duties with respect to the granting of
Awards at Fair Market Value, to individuals who are not subject to the reporting
and other provisions of Section 16 of the Act or "covered employees" within the
meaning of Section 162(m) of the Code. Any such delegation by the Administrator
shall include a limitation as to the amount of Awards that may be granted during
the period of the delegation and shall contain guidelines as to the
determination of the exercise price of any Stock Option or Stock Appreciation
Right, the conversion ratio or price of other Awards and the vesting criteria.
The Administrator may revoke or amend the terms of a delegation at any time but
such action shall not invalidate any prior actions of the Administrator's
delegate or delegates that were consistent with the terms of the Plan.

SECTION 3. STOCK ISSUABLE UNDER THE PLAN; MERGERS; SUBSTITUTION

         (a) Stock Issuable. The maximum number of shares of Stock reserved and
available for issuance under the Plan shall be 2,311,259 shares. For purposes of
this limitation, the shares of Stock underlying any Awards which are forfeited,
canceled, reacquired by the Company, satisfied without the issuance of Stock or
otherwise terminated (other than by exercise) shall be added back to the shares
of Stock available for issuance under the Plan. Subject to such overall
limitation, shares of Stock may be issued up to such maximum number pursuant to
any type or types of Award. The shares available for issuance under the Plan may
be authorized but unissued shares of Stock or shares of Stock reacquired by the
Company and held in its treasury. Each right to purchase Common Stock granted
under the Plan is intended to include an associated right (the "Associated
Right") to purchase one one-hundredth of a share of Series C Junior
Participating Preferred Stock, par value $0.01 per share, at an exercise price
of $50 per Right (the "Purchase Price"), subject to adjustments. Each Associated
Right may only be transferred in conjunction with the associated share of Common
Stock until after the tenth business day after (1) the date a public
announcement is made that a person or group has acquired beneficial ownership of
at 18% or more of the Common Stock or (2) the date such a person or group has
consummated a tender offer or other transaction that would result in that person
or group reaching that level of ownership, whereupon the Associated Rights will
be transferrable separately. If a person or group makes an announcement that it
has acquired beneficial ownership of 18% or more of
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the Common Stock or the Board of Directors of the Company declares any person or
group to be an adverse acquiror, each Associated Right will entitle the holder
to purchase Common Stock at 50% of its then current market price. The total
dollar amount of Common Stock so purchasable will equal the Purchase Price then
in effect. The other terms and conditions of the Rights are governed by the
terms of the Rights Agreement dated as of September 29, 2000 between the Company
and Continental Stock Transfer & Trust Company.

         (b) Changes in Stock. If, as a result of any reorganization,
recapitalization, reclassification, stock dividend, stock split, reverse stock
split or other similar change in the Company's capital stock, the outstanding
shares of Stock are increased or decreased or are exchanged for a different
number or kind of shares or other securities of the Company, or additional
shares or new or different shares or other securities of the Company or other
noncash assets are distributed with respect to such shares of Stock or other
securities, the Administrator shall make an appropriate or proportionate
adjustment in (i) the maximum number of shares reserved for issuance under the
Plan, (ii) the number of Stock Options or Stock Appreciation Rights that can be
granted to any one individual participant, (iii) the number and kind of shares
or other securities subject to any then outstanding Awards under the Plan, and
(iv) the price for each share subject to any then outstanding Stock Options and
Stock Appreciation Rights under the Plan, without changing the aggregate
exercise price (i.e., the exercise price multiplied by the number of Stock
Options and Stock Appreciation Rights) as to which such Stock Options and Stock
Appreciation Rights remain exercisable. The adjustment by the Administrator
shall be final, binding and conclusive. No fractional shares of Stock shall be
issued under the Plan resulting from any such adjustment, but the Administrator
in its discretion may make a cash payment in lieu of fractional shares.

         The Administrator may also adjust the number of shares subject to
outstanding Awards and the exercise price and the terms of outstanding Awards to
take into consideration material changes in accounting practices or principles,
extraordinary dividends, acquisitions or dispositions of stock or property or
any other event if it is determined by the Administrator that such adjustment is
appropriate to avoid distortion in the operation of the Plan, provided that no
such adjustment shall be made in the case of an Incentive Stock Option, without
the consent of the participant, if it would constitute a modification, extension
or renewal of the Option within the meaning of Section 424(h) of the Code.

         (c) Mergers and Other Transactions. In the case of and subject to the
consummation of (i) the dissolution or liquidation of the Company, (ii) the sale
of all or substantially all of the assets of the Company on a consolidated basis
to an unrelated person or entity, (iii) a merger, reorganization or
consolidation in which the holders of the Company's outstanding voting power
immediately prior to such transaction do not own a majority of the outstanding
voting power of the surviving or resulting entity immediately upon completion of
such transaction, (iv) the sale of all of the Stock of the Company to an
unrelated person or entity or (v) any other transaction in which the owners of
the Company's outstanding voting power prior to such transaction do not own at
least a majority of the outstanding voting power of the relevant entity after
the transaction (in each case, a "Covered Transaction"), all Options and Stock
Appreciation Rights that are not exercisable shall become fully exercisable and
all other Awards with conditions and restrictions relating solely to the passage
of time and continued employment shall become fully vested, except as the
Administrator may otherwise specify with respect to particular
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Awards in the Award Agreement. Upon the consummation of the Covered Transaction,
the Plan and all outstanding Awards granted hereunder shall terminate, unless
provision is made in connection with the Covered Transaction for the assumption
of Awards heretofore granted, or the substitution of such Awards with new Awards
of the successor entity or parent thereof, with appropriate adjustment as to the
number and kind of shares and, if appropriate, the per share exercise prices, as
provided in Section 3(b) above. In the event of such termination, each optionee
shall be permitted, within a specified period of time determined by the
Administrator prior to consummation of the Covered Transaction, to exercise all
outstanding Options and Stock Appreciation Rights held by such optionee,
including those that are not then exercisable, subject to the consummation of
the Covered Transaction.

         (d) Substitute Awards. The Administrator may grant Awards under the
Plan in substitution for stock and stock based awards previously granted by
another corporation in connection with a merger or consolidation of the
employing corporation with the Company or a Subsidiary or the acquisition by the
Company or a Subsidiary of property or stock of the employing corporation. The
Administrator may direct that the substitute awards be granted on such terms and
conditions as the Administrator considers appropriate in the circumstances. Any
substitute Awards granted under the Plan shall not count against the share
limitation set forth in Section 3(a).

SECTION 4. ELIGIBILITY

         Participants in the Plan will be such full or part-time officers and
other employees, Independent Directors and key persons (including consultants
and prospective employees) of the Company and its Subsidiaries as are selected
from time to time by the Administrator in its sole discretion.

SECTION 5. STOCK OPTIONS

         Any Stock Option granted under the Plan shall be in such form as the
Administrator may from time to time approve.

         Stock Options granted under the Plan may be either Incentive Stock
Options or Non-Qualified Stock Options. Incentive Stock Options may be granted
only to employees of the Company or any Subsidiary that is a "subsidiary
corporation" within the meaning of Section 424(f) of the Code. To the extent
that any Option does not qualify as an Incentive Stock Option, it shall be
deemed a Non-Qualified Stock Option.

         No Incentive Stock Option shall be granted under the Plan after July
16, 2009.

         (a) Stock Options. The Administrator in its discretion may grant Stock
Options to eligible participants. Stock Options granted pursuant to this Section
5(a) shall be subject to the following terms and conditions and shall contain
such additional terms and conditions, not inconsistent with the terms of the
Plan, as the Administrator shall deem desirable. If the Administrator so
determines, Stock Options may be granted in lieu of cash compensation at the
participant's election, subject to such terms and conditions as the
Administrator may establish.

                  (i) Exercise Price. The exercise price per share for the Stock
         covered by a Stock Option granted pursuant to this Section 5(a) shall
         be determined by the
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         Administrator at the time of grant but shall not be less than 100% of
         the Fair Market Value on the date of grant in the case of Incentive
         Stock Options, or 85% of the Fair Market Value on the date of grant, in
         the case of Non-Qualified Stock Options (other than options granted in
         lieu of cash compensation). If an employee owns or is deemed to own (by
         reason of the attribution rules of Section 424(d) of the Code) more
         than 10% of the combined voting power of all classes of stock of the
         Company or any parent or subsidiary corporation and an Incentive Stock
         Option is granted to such employee, the option price of such Incentive
         Stock Option shall be not less than 110% of the Fair Market Value on
         the grant date.

                  (ii) Option Term. The term of each Stock Option shall be fixed
         by the Administrator, but no Stock Option shall be exercisable more
         than ten years after the date the option is granted. If an employee
         owns or is deemed to own (by reason of the attribution rules of Section
         424(d) of the Code) more than 10 percent of the combined voting power
         of all classes of stock of the Company or any parent or subsidiary
         corporation and an Incentive Stock Option is granted to such employee,
         the term of such option shall be no more than five years from the date
         of grant.

                  (iii) Exercisability; Rights of a Stockholder. Stock Options
         shall become exercisable at such time or times, whether or not in
         installments, as shall be determined by the Administrator at or after
         the grant date; provided, however, that Stock Options granted in lieu
         of compensation shall be exercisable in full as of the grant date. The
         Administrator may at any time accelerate the exercisability of all or
         any portion of any Stock Option. An optionee shall have the rights of a
         stockholder only as to shares acquired upon the exercise of a Stock
         Option and not as to unexercised Stock Options.

                  (iv) Method of Exercise. Stock Options may be exercised in
         whole or in part, by giving written notice of exercise to the Company,
         specifying the number of shares to be purchased. Payment of the
         purchase price may be made by one or more of the following methods to
         the extent provided in the Option Award agreement:

                           (A) In cash, by certified or bank check or other
                  instrument acceptable to the Administrator;

                           (B) Through the delivery (or attestation to the
                  ownership) of shares of Stock that have been purchased by the
                  optionee on the open market or that have been beneficially
                  owned by the optionee for at least six months and are not then
                  subject to restrictions under any Company plan. Such
                  surrendered shares shall be valued at Fair Market Value on the
                  exercise date;

                           (C) By the optionee delivering to the Company a
                  properly executed exercise notice together with irrevocable
                  instructions to a broker to promptly deliver to the Company
                  cash or a check payable and acceptable to the Company for the
                  purchase price; provided that in the event the optionee
                  chooses to pay the purchase price as so provided, the optionee
                  and the broker shall comply with such procedures and enter
                  into
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                  such agreements of indemnity and other agreements as the
                  Administrator shall prescribe as a condition of such payment
                  procedure; or

                           (D) By the optionee delivering to the Company a
                  promissory note if the Board has expressly authorized the loan
                  of funds to the optionee for the purpose of enabling or
                  assisting the optionee to effect the exercise of his Stock
                  Option; provided that at least so much of the exercise price
                  as represents the par value of the Stock shall be paid other
                  than with a promissory note.

         Payment instruments will be received subject to collection. The
         delivery of certificates representing the shares of Stock to be
         purchased pursuant to the exercise of a Stock Option will be contingent
         upon receipt from the optionee (or a purchaser acting in his stead in
         accordance with the provisions of the Stock Option) by the Company of
         the full purchase price for such shares and the fulfillment of any
         other requirements contained in the Stock Option or applicable
         provisions of laws. In the event an optionee chooses to pay the
         purchase price by previously-owned shares of Stock through the
         attestation method, the number of shares of Stock transferred to the
         optionee upon the exercise of the Stock Option shall be net of the
         number of shares attested to.

                  (v) Annual Limit on Incentive Stock Options. To the extent
         required for "incentive stock option" treatment under Section 422 of
         the Code, the aggregate Fair Market Value (determined as of the time of
         grant) of the shares of Stock with respect to which Incentive Stock
         Options granted under this Plan and any other plan of the Company or
         its parent and subsidiary corporations become exercisable for the first
         time by an optionee during any calendar year shall not exceed $100,000.
         To the extent that any Stock Option exceeds this limit, it shall
         constitute a Non-Qualified Stock Option.

         (b) Reload Options. At the discretion of the Administrator, Options
granted under the Plan may include a "reload" feature pursuant to which an
optionee exercising an option by the delivery of a number of shares of Stock in
accordance with Section 5(a)(iv)(B) hereof would automatically be granted an
additional Option (with an exercise price equal to the Fair Market Value of the
Stock on the date the additional Option is granted and with such other terms as
the Administrator may provide) to purchase that number of shares of Stock equal
to the sum of (i) the number delivered to exercise the original Option and (ii)
the number withheld to satisfy tax liabilities, with an Option term equal to the
remainder of the original Option term unless the Administrator otherwise
determines in the Award agreement for the original Option grant.

         (c) Non-transferability of Options. No Stock Option shall be
transferable by the optionee otherwise than by will or by the laws of descent
and distribution and all Stock Options shall be exercisable, during the
optionee's lifetime, only by the optionee, or by the optionee's legal
representative or guardian in the event of the optionee's incapacity.
Notwithstanding the foregoing, the Administrator, in its sole discretion, may
provide in the Award agreement regarding a given Option that the optionee may
transfer his Non-Qualified Stock Options to members of his immediate family, to
trusts for the benefit of such family members, or to partnerships in which such
family members are the only partners, provided that the transferee agrees in
writing with the Company to be bound by all of the terms and conditions of this
Plan and the applicable Option.
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         (d) Termination. Except as may otherwise be provided by the
Administrator either in the Award agreement or, subject to Section 15 below, in
writing after the Award agreement is issued, a participant's rights in all Stock
Options shall automatically terminate upon the participant's termination of
employment (or cessation of business relationship) with the Company and its
Subsidiaries for any reason.

SECTION 6.        STOCK APPRECIATION RIGHTS

         (a) Nature of Stock Appreciation Rights. A Stock Appreciation Right is
an Award entitling the recipient to receive an amount in cash or shares of Stock
or a combination thereof having a value equal to the excess of the Fair Market
Value of the Stock on the date of exercise over the exercise price Stock
Appreciation Right, which price shall not be less than 100% of the Fair Market
Value of the Stock on the date of grant (or more than the option exercise price
per share, if the Stock Appreciation Right was granted in tandem with a Stock
Option) multiplied by the number of shares of Stock with respect to which the
Stock Appreciation Right shall have been exercised, with the Administrator
having the right to determine the form of payment.

         (b) Grant and Exercise of Stock Appreciation Rights. Stock Appreciation
Rights may be granted by the Administrator in tandem with, or independently of,
any Stock Option granted pursuant to Section 5 of the Plan. In the case of a
Stock Appreciation Right granted in tandem with a Non-Qualified Stock Option,
such Stock Appreciation Right may be granted either at or after the time of the
grant of such Option. In the case of a Stock Appreciation Right granted in
tandem with an Incentive Stock Option, such Stock Appreciation Right may be
granted only at the time of the grant of the Option.

         A Stock Appreciation Right or applicable portion thereof granted in
tandem with a Stock Option shall terminate and no longer be exercisable upon the
termination or exercise of the related Option.

         (c) Terms and Conditions of Stock Appreciation Rights. Stock
Appreciation Rights shall be subject to such terms and conditions as shall be
determined from time to time by the Administrator, subject to the following:

                  (i) Stock Appreciation Rights granted in tandem with Options
         shall be exercisable at such time or times and to the extent that the
         related Stock Options shall be exercisable.

                  (ii) Upon exercise of a Stock Appreciation Right, the
         applicable portion of any related Option shall be surrendered.

                  (iii) All Stock Appreciation Rights shall be exercisable
         during the participant's lifetime only by the participant or the
         participant's legal representative.

SECTION 7. RESTRICTED STOCK AWARDS

         (a) Nature of Restricted Stock Awards. A Restricted Stock Award is an
Award entitling the recipient to acquire, at par value or such other higher
purchase price determined by the Administrator, shares of Stock subject to such
restrictions and
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conditions as the Administrator may determine at the time of grant ("Restricted
Stock"). Conditions may be based on continuing employment (or other business
relationship) and/or achievement of preestablished performance goals and
objectives. The grant of a Restricted Stock Award is contingent on the
participant executing the Restricted Stock Award agreement. The terms and
conditions of each such agreement shall be determined by the Administrator, and
such terms and conditions may differ among individual Awards and participants.

         (b) Rights as a Stockholder. Upon execution of a written instrument
setting forth the Restricted Stock Award and payment of any applicable purchase
price, a participant shall have the rights of a stockholder with respect to the
voting of the Restricted Stock, subject to such conditions contained in the
written instrument evidencing the Restricted Stock Award. Unless the
Administrator shall otherwise determine, certificates evidencing the Restricted
Stock shall remain in the possession of the Company until such Restricted Stock
is vested as provided in Section 7(d) below, and the participant shall be
required, as a condition of the grant, to deliver to the Company a stock power
endorsed in blank.

         (c) Restrictions. Restricted Stock may not be sold, assigned,
transferred, pledged or otherwise encumbered or disposed of except as
specifically provided herein or in the Restricted Stock Award agreement. If a
participant's employment (or other business relationship) with the Company and
its Subsidiaries terminates for any reason, the Company shall have the right to
repurchase Restricted Stock that has not vested at the time of termination at
its original purchase price, from the participant or the participant's legal
representative.

         (d) Vesting of Restricted Stock. The Administrator at the time of grant
shall specify the date or dates and/or the attainment of pre-established
performance goals, objectives and other conditions on which the
non-transferability of the Restricted Stock and the Company's right of
repurchase or forfeiture shall lapse. Subsequent to such date or dates and/or
the attainment of such pre-established performance goals, objectives and other
conditions, the shares on which all restrictions have lapsed shall no longer be
Restricted Stock and shall be deemed "vested." Except as may otherwise be
provided by the Administrator either in the Award agreement or, subject to
Section 15 below, in writing after the Award agreement is issued, a
participant's rights in any shares of Restricted Stock that have not vested
shall automatically terminate upon the participant's termination of employment
(or other business relationship) with the Company and its Subsidiaries and such
shares shall be subject to the Company's right of repurchase as provided in
Section 7(c) above.

         (e) Waiver, Deferral and Reinvestment of Dividends. The Restricted
Stock Award agreement may require or permit the immediate payment, waiver,
deferral or investment of dividends paid on the Restricted Stock.

SECTION 8. DEFERRED STOCK AWARDS

         (a) Nature of Deferred Stock Awards. A Deferred Stock Award is an Award
of phantom stock units to a participant, subject to restrictions and conditions
as the Administrator may determine at the time of grant. Conditions may be based
on continuing employment (or other business relationship) and/or achievement of
pre- established performance goals and objectives. The grant of a Deferred Stock
Award is contingent on the participant executing the Deferred Stock Award
agreement. The terms
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and conditions of each such agreement shall be determined by the Administrator,
and such terms and conditions may differ among individual Awards and
participants. At the end of the deferral period, the Deferred Stock Award, to
the extent vested, shall be paid to the participant in the form of shares of
Stock.

         (b) Election to Receive Deferred Stock Awards in Lieu of Compensation.
The Administrator may, in its sole discretion, permit a participant to elect to
receive a portion of the cash compensation or Restricted Stock Award otherwise
due to such participant in the form of a Deferred Stock Award. Any such election
shall be made in writing and shall be delivered to the Company no later than the
date specified by the Administrator and in accordance with rules and procedures
established by the Administrator. The Administrator shall have the sole right to
determine whether and under what circumstances to permit such elections and to
impose such limitations and other terms and conditions thereon as the
Administrator deems appropriate.

         (c) Rights as a Stockholder. During the deferral period, a participant
shall have no rights as a stockholder; provided, however, that the participant
may be credited with Dividend Equivalent Rights with respect to the phantom
stock units underlying his Deferred Stock Award, subject to such terms and
conditions as the Administrator may determine.

         (d) Restrictions. A Deferred Stock Award may not be sold, assigned,
transferred, pledged or otherwise encumbered or disposed of during the deferral
period.

         (e) Termination. Except as may otherwise be provided by the
Administrator either in the Award agreement or, subject to Section 15 below, in
writing after the Award agreement is issued, a participant's right in all
Deferred Stock Awards that have not vested shall automatically terminate upon
the participant's termination of employment (or cessation of business
relationship) with the Company and its Subsidiaries for any reason.

SECTION 9. UNRESTRICTED STOCK AWARDS

         Grant or Sale of Unrestricted Stock. The Administrator may, in its sole
discretion, grant (or sell at par value or such higher purchase price determined
by the Administrator) an Unrestricted Stock Award to any participant pursuant to
which such participant may receive shares of Stock free of any restrictions
("Unrestricted Stock") under the Plan. Unrestricted Stock Awards may be granted
or sold as described in the preceding sentence in respect of past services or
other valid consideration, or in lieu of cash compensation due to such
participant.

SECTION 10.  PERFORMANCE SHARE AWARDS

         (a) Nature of Performance Share Awards. A Performance Share Award is an
Award entitling the recipient to acquire shares of Stock upon the attainment of
specified performance goals. The Administrator may make Performance Share Awards
independent of or in connection with the granting of any other Award under the
Plan. The Administrator in its sole discretion shall determine whether and to
whom Performance Share Awards shall be made, the performance goals, the periods
during which performance is to be measured, and all other limitations and
conditions.
<PAGE>   12
         (b) Rights as a Stockholder. A participant receiving a Performance
Share Award shall have the rights of a stockholder only as to shares actually
received by the participant under the Plan and not with respect to shares
subject to the Award but not actually received by the participant. A participant
shall be entitled to receive a stock certificate evidencing the acquisition of
shares of Stock under a Performance Share Award only upon satisfaction of all
conditions specified in the Performance Share Award agreement (or in a
performance plan adopted by the Administrator).

         (c) Termination. Except as may otherwise be provided by the
Administrator either in the Award agreement or, subject to Section 15 below, in
writing after the Award agreement is issued, a participant's rights in all
Performance Share Awards shall automatically terminate upon the participant's
termination of employment (or cessation of business relationship) with the
Company and its Subsidiaries for any reason.

         (d) Acceleration, Waiver, Etc. At any time prior to the participant's
termination of employment (or other business relationship) by the Company and
its Subsidiaries, the Administrator may in its sole discretion accelerate, waive
or, subject to Section 15, amend any or all of the goals, restrictions or
conditions applicable to a Performance Share Award.

SECTION 11.  PERFORMANCE-BASED AWARDS TO COVERED EMPLOYEES

         Notwithstanding anything to the contrary contained herein, if any
Restricted Stock Award, Deferred Stock Award or Performance Share Award granted
to a Covered Employee is intended to qualify as "Performance-based Compensation"
under Section 162(m) of the Code and the regulations promulgated thereunder (a
"Performance- based Award"), such Award shall comply with the provisions set
forth below:

         (a) Performance Criteria. The performance criteria used in performance
goals governing Performance-based Awards granted to Covered Employees may
include any or all of the following: (i) the Company's return on equity, assets,
capital or investment, (ii) pretax or after-tax profit levels of the Company or
any Subsidiary, a division, an operating unit or a business segment of the
Company, or any combination of the foregoing; (iii) cash flow, EBITDA or similar
measures; (iv) total shareholder return; (v) changes in the market price of the
Stock; (vi) sales or market share; or (vii) earnings per share.

         (b) Grant of Performance-based Awards. With respect to each
Performance- based Award granted to a Covered Employee, the Committee shall
select, within the first 90 days of a Performance Cycle (or, if shorter, within
the maximum period allowed under Section 162(m) of the Code) the performance
criteria for such grant, and the achievement targets with respect to each
performance criterion (including a threshold level of performance below which no
amount will become payable with respect to such Award). Each Performance-based
Award will specify the amount payable, or the formula for determining the amount
payable, upon achievement of the various applicable performance targets. The
performance criteria established by the Committee may be (but need not be)
different for each Performance Cycle and different goals may be applicable to
Performance-based Awards to different Covered Employees.

         (c) Payment of Performance-based Awards. Following the completion of a
Performance Cycle, the Committee shall meet to review and certify in writing
whether,
<PAGE>   13
and to what extent, the performance criteria for the Performance Cycle have been
achieved and, if so, to also calculate and certify in writing the amount of the
Performance-based Awards earned for the Performance Cycle. The Committee shall
then determine the actual size of each Covered Employee's Performance-based
Award, and, in doing so, may reduce or eliminate the amount of the
Performance-based Award for a Covered Employee if, in its sole judgment, such
reduction or elimination is appropriate.

         (d) Maximum Award Payable. The maximum Performance-based Award payable
to any one Covered Employee under the Plan for a Performance Cycle is 4,000,000
Shares (subject to adjustment as provided in Section 3(b) hereof).

SECTION 12. DIVIDEND EQUIVALENT RIGHTS

         (a) Dividend Equivalent Rights. A Dividend Equivalent Right is an Award
entitling the recipient to receive credits based on cash dividends that would
have been paid on the shares of Stock specified in the Dividend Equivalent Right
(or other award to which it relates) if such shares had been issued to and held
by the recipient. A Dividend Equivalent Right may be granted hereunder to any
participant as a component of another Award or as a freestanding award. The
terms and conditions of Dividend Equivalent Rights shall be specified in the
grant. Dividend equivalents credited to the holder of a Dividend Equivalent
Right may be paid currently or may be deemed to be reinvested in additional
shares of Stock, which may thereafter accrue additional equivalents. Any such
reinvestment shall be at Fair Market Value on the date of reinvestment or such
other price as may then apply under a dividend reinvestment plan sponsored by
the Company, if any. Dividend Equivalent Rights may be settled in cash or shares
of Stock or a combination thereof, in a single installment or installments. A
Dividend Equivalent Right granted as a component of another Award may provide
that such Dividend Equivalent Right shall be settled upon exercise, settlement,
or payment of, or lapse of restrictions on, such other award, and that such
Dividend Equivalent Right shall expire or be forfeited or annulled under the
same conditions as such other award. A Dividend Equivalent Right granted as a
component of another Award may also contain terms and conditions different from
such other award.

         (b) Interest Equivalents. Any Award under this Plan that is settled in
whole or in part in cash on a deferred basis may provide in the grant for
interest equivalents to be credited with respect to such cash payment. Interest
equivalents may be compounded and shall be paid upon such terms and conditions
as may be specified by the grant.

         (c) Termination. Except as may otherwise be provided by the
Administrator either in the Award agreement or, subject to Section 15 below, in
writing after the Award agreement is issued, a participant's rights in all
Dividend Equivalent Rights or interest equivalents shall automatically terminate
upon the participant's termination of employment (or cessation of business
relationship) with the Company and its Subsidiaries for any reason.

SECTION 13.  TAX WITHHOLDING

         (a) Payment by Participant. Each participant shall, no later than the
date as of which the value of an Award or of any Stock or other amounts received
thereunder first becomes includable in the gross income of the participant for
Federal income tax purposes, pay to the Company, or make arrangements
satisfactory to the Administrator
<PAGE>   14
regarding payment of, any Federal, state, or local taxes of any kind required by
law to be withheld with respect to such income. The Company and its Subsidiaries
shall, to the extent permitted by law, have the right to deduct any such taxes
from any payment of any kind otherwise due to the participant. The Company's
obligation to deliver stock certificates to any participant is subject to and
conditioned on tax obligations being satisfied by the participant.

         (b) Payment in Stock. Subject to approval by the Administrator, a
participant may elect to have the minimum required tax withholding obligation
satisfied, in whole or in part, by (i) authorizing the Company to withhold from
shares of Stock to be issued pursuant to any Award a number of shares with an
aggregate Fair Market Value (as of the date the withholding is effected) that
would satisfy the withholding amount due, or (ii) transferring to the Company
shares of Stock owned by the participant with an aggregate Fair Market Value (as
of the date the withholding is effected) that would satisfy the withholding
amount due.

SECTION 14. TRANSFER, LEAVE OF ABSENCE, ETC.

         For purposes of the Plan, the following events shall not be deemed a
termination of employment:

         (a) a transfer to the employment of the Company from a Subsidiary or
from the Company to a Subsidiary, or from one Subsidiary to another; or

         (b) an approved leave of absence for military service or sickness, or
for any other purpose approved by the Company, if the employee's right to
re-employment is guaranteed either by a statute or by contract or under the
policy pursuant to which the leave of absence was granted or if the
Administrator otherwise so provides in writing.

SECTION 15. AMENDMENTS AND TERMINATION

         The Board may, at any time, amend or discontinue the Plan and the
Administrator may, at any time, amend or cancel any outstanding Award for the
purpose of satisfying changes in law or for any other lawful purpose, but no
such action shall adversely affect rights under any outstanding Award without
the holder's consent. If and to the extent determined by the Administrator to be
required by the Code to ensure that Incentive Stock Options granted under the
Plan are qualified under Section 422 of the Code or to ensure that compensation
earned under Awards qualifies as performance-based compensation under Section
162(m) of the Code, if and to the extent intended to so qualify, Plan amendments
shall be subject to approval by the Company stockholders entitled to vote at a
meeting of stockholders. Nothing in this Section 15 shall limit the
Administrator's authority to take any action permitted pursuant to Section 3(c).

SECTION 16.  STATUS OF PLAN

         With respect to the portion of any Award that has not been exercised
and any payments in cash, Stock or other consideration not received by a
participant, a participant shall have no rights greater than those of a general
creditor of the Company unless the Administrator shall otherwise expressly
determine in connection with any Award or Awards. In its sole discretion, the
Administrator may authorize the creation of trusts or other arrangements to meet
the Company's obligations to deliver Stock or make payments

<PAGE>   15
with respect to Awards hereunder, provided that the existence of such trusts or
other arrangements is consistent with the foregoing sentence.

SECTION 17.  CHANGE OF CONTROL PROVISIONS

         Upon the occurrence of a Change of Control as defined in this Section
17:

         (a) Except as otherwise provided in the applicable Award agreement,
each outstanding Stock Option and Stock Appreciation Right shall automatically
become fully exercisable.

         (b) Except as otherwise provided in the applicable Award Agreement,
conditions and restrictions on each outstanding Restricted Stock Award, Deferred
Stock Award and Performance Share Award which relate solely to the passage of
time and continued employment will be removed. Performance or other conditions
(other than conditions and restrictions relating solely to the passage of time
and continued employment) will continue to apply unless otherwise provided in
the applicable Award Agreement.

         (c) "Change of Control" shall mean the occurrence of any one of the
following events:

                  (i) any "Person, " as such term is used in Sections 13(d) and
         14(d) of the Act (other than the Company, any of its Subsidiaries, or
         any trustee, fiduciary or other person or entity holding securities
         under any employee benefit plan or trust of the Company or any of its
         Subsidiaries), together with all "affiliates" and "associates" (as such
         terms are defined in Rule 12b-2 under the Act) of such person, shall
         become the "beneficial owner" (as such term is defined in Rule 13d-3
         under the Act), directly or indirectly, of securities of the Company
         representing 25 percent or more of the combined voting power of the
         Company's then outstanding securities having the right to vote in an
         election of the Company's Board of Directors ("Voting Securities") (in
         such case other than as a result of an acquisition of securities
         directly from the Company and other than a person or entity owning such
         voting securities as of the Effective Date);

                  (ii) persons who, as of the Effective Date, constitute the
         Company's Board of Directors (the "Incumbent Directors") cease for any
         reason, including, without limitation, as a result of a tender offer,
         proxy contest, merger or similar transaction, to constitute at least a
         majority of the Board, provided that any person becoming a director of
         the Company subsequent to the Effective Date shall be considered an
         Incumbent Director if such person's election was approved by or such
         person was nominated for election by either (A) a vote of at least a
         majority of the Incumbent Directors or (B) a vote of at least a
         majority of the Incumbent Directors who are members of a nominating
         committee comprised, in the majority, of Incumbent Directors; but
         provided further, that any such person whose initial assumption of
         office is in connection with an actual or threatened election contest
         relating to the election of members of the Board of Directors or other
         actual or threatened solicitation of proxies or consents by or on
         behalf of a Person other than the Board, including by reason of
         agreement intended to avoid or settle any such actual or threatened
         contest or solicitation, shall not be considered an Incumbent Director;
         or

<PAGE>   16
                  (iii) the stockholders of the Company shall approve (A) any
         consolidation or merger of the Company where the stockholders of the
         Company, immediately prior to the consolidation or merger, would not,
         immediately after the consolidation or merger, beneficially own (as
         such term is defined in Rule 13d-3 under the Act), directly or
         indirectly, shares representing in the aggregate more than 50 percent
         of the voting shares of the corporation issuing cash or securities in
         the consolidation or merger (or of its ultimate parent corporation, if
         any), (B) any sale, lease, exchange or other transfer (in one
         transaction or a series of transactions contemplated or arranged by any
         party as a single plan) of all or substantially all of the assets of
         the Company or (C) any plan or proposal for the liquidation or
         dissolution of the Company.

         Notwithstanding the foregoing, a "Change of Control" shall not be
deemed to have occurred for purposes of the foregoing clause (i) solely as the
result of an acquisition of securities by the Company which, by reducing the
number of shares of Voting Securities outstanding, increases the proportionate
number of shares of Voting Securities beneficially owned by any person to 25
percent or more of the combined voting power of all then outstanding Voting
Securities; provided, however, that if any person referred to in this sentence
shall thereafter become the beneficial owner of any additional shares of Voting
Securities (other than pursuant to a stock split, stock dividend, or similar
transaction or as a result of an acquisition of securities directly from the
Company), then a "Change of Control" shall be deemed to have occurred for
purposes of the foregoing clause (i).

SECTION 18. GENERAL PROVISIONS

         (a) No Distribution; Compliance with Legal Requirements. The
Administrator may require each person acquiring Stock pursuant to an Award to
represent to and agree with the Company in writing that such person is acquiring
the shares without a view to distribution thereof.

         No shares of Stock shall be issued pursuant to an Award until all
applicable securities law and other legal and stock exchange or similar
requirements have been satisfied. The Administrator may require the placing of
such stop-orders and restrictive legends on certificates for Stock and Awards as
it deems appropriate.

         (b) Delivery of Stock Certificates. Stock certificates to participants
under this Plan shall be deemed delivered for all purposes when the Company or a
stock transfer agent of the Company shall have mailed such certificates in the
United States mail, addressed to the participant, at the participant's last
known address on file with the Company.

         (c) Other Compensation Arrangements; No Employment Rights. Nothing
contained in this Plan shall prevent the Board from adopting other or additional
compensation arrangements, including trusts, and such arrangements may be either
generally applicable or applicable only in specific cases. The adoption of this
Plan and the grant of Awards do not confer upon any employee any right to
continued employment with the Company or any Subsidiary.

<PAGE>   17
         (d) Trading Policy Restrictions. Option exercises and other Awards
under the Plan shall be subject to such Company's insider trading policy, as in
effect from time to time.

SECTION 19. EFFECTIVE DATE OF PLAN

         This Plan shall become effective upon approval by the holders of a
majority of the votes cast at a meeting of stockholders at which a quorum is
present. Subject to such approval by the stockholders and to the requirement
that no Stock may be issued hereunder prior to such approval, Stock Options and
other Awards may be granted hereunder on and after adoption of this Plan by the
Board.

SECTION 20. GOVERNING LAW

         This Plan and all Awards and actions taken thereunder shall be governed
by, and construed in accordance with, the laws of the State of Delaware, applied
without regard to conflict of law principles.

DATE APPROVED BY VOYAGER'S
BOARD OF DIRECTORS:                                   June 10, 1999

DATE APPROVED BY VOYAGER'S
STOCKHOLDERS:                                         July 16, 1999

DATE ASSUMED BY CORECOMM                              September 29, 2000<PAGE>   1
                                                                   Exhibit 10.53

             THIS   NOTE  HAS  NOT  BEEN   REGISTERED   UNDER  THE
             SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES
             LAWS OF ANY  STATE  AND MAY NOT BE SOLD OR  OTHERWISE
             DISPOSED   OF  EXCEPT   PURSUANT   TO  AN   EFFECTIVE
             REGISTRATION  STATEMENT UNDER SUCH ACT AND APPLICABLE
             STATE  SECURITIES  LAWS OR PURSUANT TO AN  APPLICABLE
             EXEMPTION TO THE  REGISTRATION  REQUIREMENTS  OF SUCH
             ACT AND SUCH LAWS.

                                CORECOMM LIMITED

                              SENIOR UNSECURED NOTE
                             DUE SEPTEMBER 29, 2003

$16,843,639                                                   New York, New York
                                                              September 29, 2000

         CoreComm Limited, a Delaware corporation (the "Company"), for value
received, hereby promises to pay to the order of Debra Buruchian and its heirs,
personal representative or permitted assigns (the "Holder") the principal sum of
Sixteen Million, Eight Hundred Forty-Three, Six Hundred Thirty-Nine Dollars
($16,843,639), and interest thereon, in each case, as provided herein.

         1.       Interest Payments.

                  (a) Interest on all amounts outstanding from time to time
under this Senior Unsecured Note (this "Note") and each other Senior Unsecured
Note (together with this Note, the "Notes") issued under the Note Purchase
Agreement shall be payable in arrears on each Interest Payment Date. As used
herein, "Interest Payment Date" means October 1, and April 1, of each year,
commencing on April 1, 2001.

                  (b) Interest shall be paid on the unpaid principal amount of
the Notes at the rate of 6.47% per annum. All interest on the Notes shall be
calculated on the basis of a 360 day year and the actual number of days elapsed.
This Note shall continue to accrue interest at the applicable rate provided for
herein or in the Note Purchase Agreement (hereinafter defined) even after an
Event of Default, maturity, acceleration, judgment, bankruptcy, insolvency
proceedings of any kind or any other event or occurrence, whether similar or
dissimilar.

                  (c) Interest on this Note may be paid, in the sole discretion
of the Company, in cash or in shares of Common Stock (calculated based on the
Common Stock having a value equal to the product of (i) .98 and (ii) the volume
weighted average sale price
<PAGE>   2
                                                                               2

for the Company's Common Stock during the five (5) Trading Day period ending on
the Trading Date immediately prior to the relevant Interest Payment Date);
provided, however, that, with respect to any interest payment, the Company may
not elect to make such interest payment on the Note to a Holder that is a
"Stockholder" (as that term is defined in the Registration Rights Agreement, as
defined in the Merger Agreement) (as defined in the Note Purchase Agreement) in
the form of shares of Common Stock unless either (x) such shares of Common Stock
are issued under an effective Securities Act registration statement, or (y) in
accordance with the terms of the Registration Rights Agreement (a) on or prior
to the date of such interest payment, the Company shall have filed with the
Securities and Exchange Commission a registration statement under the Securities
Act registering for resale by such Stockholders the shares of Common Stock
received by them as an interest payment (the "Resale Registration Statement"),
and (b) on the date of such interest payment, the Resale Registration Statement
shall be effective under the Securities Act.

                  (d) Notwithstanding anything herein to the contrary, the
interest payable by the Company with respect to this Note shall not exceed the
maximum amount permitted by applicable law and, to the extent that any payments
in excess of such permitted amount are received, such excess shall be considered
payments in respect of the principal amount of this Note.

         2.       Principal Payments and Prepayments.

                  (a) Maturity Date. The unpaid principal amount of this Note,
together with accrued unpaid interest on the Notes, shall be due and payable on
September 29, 2003 (the "Maturity Date").

                  (b) Scheduled Prepayments. On each of the dates set forth
below (each, a "Scheduled Prepayment Date"), the Company shall prepay that
portion of the Adjusted Recapitalization Principal Amount of the Notes (as
defined below) set forth below (the "Scheduled Principal Prepayment
Percentage"):

<TABLE>
<CAPTION>
                       SCHEDULED             SCHEDULED PRINCIPAL
                    PREPAYMENT DATE         PREPAYMENT PERCENTAGE
                    ---------------         ---------------------

<S>                                         <C>
                    January 1, 2001                 1.9328%
                    March 29, 2001                  0.5998%
                    January 1, 2002                 2.5862%
                    January 1, 2003                 2.6549%
</TABLE>

As used herein, the "Adjusted Principal Recapitalization Amount of the Notes"
shall mean, as of the time at which such calculation is being made, an amount
equal to the excess of (i) the outstanding principal amount of the Notes
immediately after giving effect to all post-
<PAGE>   3
                                                                               3

Closing adjustments thereto contemplated by Section 1.2 of the Merger Agreement,
over (ii) the sum of (w) all mandatory prepayments theretofore made by the
Company pursuant to Section 2(c) of the Notes, (x) all scheduled prepayments
theretofore made by the Company pursuant to Section 2(b) of the Notes (subject
to Section 5(a) of the Notes), (y) all optional prepayments theretofore made by
the Company pursuant to Section 2(d) of the Note, and (z) the principal amount
of any notes delivered by ATX Stockholders pursuant to Section 1.2(i) of the
Merger Agreement.

                  (c) Mandatory Prepayments. Upon the Company's receipt of
Identified Proceeds, the Company shall be required to reduce the principal
amount outstanding under the Notes by prepaying the Notes in an aggregate amount
equal to the lesser of (x) the outstanding principal, together with all accrued
interest, under all notes issued to Purchasers (the "Purchaser Notes") and (y)
(i) 50% of the first $200 million of aggregate Identified Proceeds, and (ii)
100% of aggregate Identified Proceeds in excess of $200 million. Each such
prepayment under this Section 2(c) shall be due and payable upon the closing of
the transaction resulting in the Company's realization of Identified Proceeds.
As used herein, "Identified Proceeds" shall mean (x) Net Proceeds actually
received by the Company from any financing undertaken by the Company following
the issuance of the Purchaser Notes, other than Excluded Financings, (y) Net
Proceeds received by the Company from the sale of assets by the Company (other
than sales of assets in the ordinary course), except that up to $200 million of
net proceeds received from a sale of the Company's assets may be used to repay
Excluded Financings (other than to Ralph H. Booth, II, his successors and
assigns), and (z) the excess, if any, over $300 million of Net Proceeds from
Excluded Financings; provided, however, the Identified Proceeds shall exclude
any refinancing permitted by Section 8.2 of the Note Purchase Agreement. As used
herein, "Excluded Financings" shall mean (i) the $150 million credit facility
entered into between the Company and Chase Manhattan Bank, (ii) the equity
investment made by Ralph H Booth, II in the Company in the amount of $50
million, (iii) the $50 million Senior Unsecured Credit Facility provided by The
Chase Manhattan Bank and (iv) up to $50,000,000 of additional financing referred
to in Section 16 of Amendment No. 3 to the Merger Agreement. Net Proceeds shall
mean gross cash proceeds from such financing less the Company's expenses
directly attributable to such financing, including any reasonable commitment or
facility fees to the lender and reasonable legal fees.

                  (d) Optional Prepayment. The Company shall have the right, at
any time and from time to time at its sole option and election, without penalty
or premium, to prepay the Notes (an "Optional Prepayment"), in whole or in part,
on not less than 5 days' notice of the date of prepayment, which must be a
Business Day (any such date an "Optional Prepayment Date"). On or before
December 31, 2001 the Company shall be deemed to have prepaid the Notes in full
by payment of an amount equal to the excess of the outstanding principal amount
of the Notes as of the date of the Optional Prepayment Date (plus an amount
equal to all accrued and unpaid interest thereon to the Optional Prepayment
Date) over $6 million (the "2001 Optional Prepayment Price"). After December 31,
2001, but on or before December 31, 2002, the Company shall be deemed to have
prepaid the Notes in full by payment of an amount equal to the excess of the
outstanding principal amount of the Notes
<PAGE>   4
                                                                               4

as of the date of the Optional Prepayment Date (plus an amount equal to all
accrued and unpaid interest thereon, to the Optional Prepayment Date) over $3
million (the "2002 Optional Prepayment Price"). By way of example, and not
limitation, if $110 million aggregate principal amount of Notes are outstanding,
then at any time prior to December 31, 2001, the Company may prepay and satisfy
all of its obligations under the Notes by payment of an aggregate amount equal
to $104 million, plus accrued and unpaid interest on the Notes to the Optional
Prepayment Date. By acceptance of this Note, the Holder agrees that payment by
the Company of the 2001 Optional Prepayment Price or the 2002 Optional
Prepayment Price, as the case may be shall, to the extent that it results in a
payment of less than the full aggregate outstanding principal amount of the
Notes, constitute an adjustment to the Exchange Consideration issued by the
Company in connection with the transactions contemplated by the Merger Agreement
and shall not be deemed to constitute the forgiveness of indebtedness.

                  (e) Effect of Certain Prepayments. Each $1.00 of principal
prepayment of the Notes made by the Company pursuant to Section 2(c) of the
Notes or pursuant to Section 2(d) of the Notes, if less than all of the Notes
are being prepaid pursuant thereto, shall result in the following reductions in
the outstanding principal amount of the Notes:

<TABLE>
<CAPTION>
                                                    REDUCTION (PER $1.00)
                    PREPAYMENT DATE                TO OUTSTANDING PRINCIPAL
                    ---------------                ------------------------

<S>                                                <C>
            on or prior to December 31, 2000               $1.08182
            on or prior to December 31, 2001               $1.05455
            on or prior to December 31, 2002               $1.02727
            January 1, 2003 or thereafter                  $1.00
</TABLE>

By acceptance of this Note, the Holder agrees that each reduction to the
principal amount of the Notes over and above the actual amount of principal
prepaid shall be deemed to be an adjustment to the Exchange Consideration issued
by the Company in connection with the transactions contemplated by the Merger
Agreement and shall not be deemed to constitute the forgiveness of indebtedness.

                  (f) Prepayment Notice. Notice of any prepayment pursuant to
Sections 2(c) or (d) of the Notes shall be mailed not later than five (5) days
prior to the date on which such prepayment is required or scheduled to be made
to each Holder of the Notes, at such holder's address as it appears on the
transfer books of the Company.

         3.       Liens.
<PAGE>   5
                                                                               5

                  (a) The Company will not, and shall not permit any of its
subsidiaries to, create, incur or suffer to exist any Lien (as defined in the
Note Purchase Agreement) except as permitted in Section 8.3 of the Note Purchase
Agreement.

                  (b) Notwithstanding the foregoing, any security interest
granted by the Company to secure the Notes pursuant to Section 8.3 of the Note
Purchase Agreement as adopted in paragraph (a) above shall be automatically and
unconditionally released and discharged upon the release by the holders of the
Secured Indebtedness of their security interest (including any deemed release
upon payment in full of all obligations in respect of such Secured
Indebtedness).

         4.       Holder; Transfer; Pledge.

                  (a) The term "Holder" as used herein shall also include any
Permitted Transferee (as hereinafter defined) of this Note whose name has been
recorded by the Company in the register referred to in Section 4(b). Each
Permitted Transferee of this Note acknowledges that this Note has not been
registered under the Securities Act, and may be transferred (x) in whole or in
part and (y) upon receipt by the Company of an opinion of counsel, which opinion
shall be reasonably satisfactory in form and substance to the Company, stating
that this Note may be transferred without registration under the Securities Act
in reliance on an exemption therefrom. As used herein, a "Permitted Transferee"
of a Holder shall mean, subject to compliance with applicable securities laws,
any person or entity other than a competitor of the Company's core business (it
being accepted and agreed by the Holder of this Note by such Holder's acceptance
of this Note, that this Note may not be transferred, directly or indirectly, or
held for the benefit of, any person or entity that is a competitor of the
Company's core business and that any purported direct or indirect transfer of
this Note, or any beneficial interest herein, to any person or entity that is a
competitor of the Company's core business shall be void and without effect);
provided, however, that prior to December 1, 2000 (or such earlier date as the
Company has completed the Excluded Financings), the Company may prohibit any
such transfer, if in its view the impact of any such transfer would adversely
affect the market for any financing contemplated by the Company. This Note may
only be transferred upon 10 days advance written notice to the Company, pursuant
to Section 10 of the Note Purchase Agreement. Such notice shall set forth the
name of the transferee, the address and telephone number and contact information
for the transferee, and include such additional information or documentation as
may be reasonably requested by the Company in order to confirm that (i) such
transfer will not violate applicable securities laws, and (ii) the transferee is
not a competitor of the Company's core business. The foregoing notwithstanding,
this Note may be pledged to any person or entity other than a competitor of the
Company's core business in order to secure a loan from such person or entity to
the pledging Holder; provided that any transfer of sale by such person or entity
shall be subject to this Section 4(a). For purposes of this Section 4(a), no
bona fide financial institution shall be deemed to be a competitor of the
Company's core business.
<PAGE>   6
                                                                               6

                  (b) The Company shall maintain a register in its office for
the purpose of registering the Note and any transfer thereof, which register
shall reflect and identify, at all times, the ownership of any interest in the
Note. Upon the issuance of this Note, the Company shall record the name of the
initial Holder of this Note in such register as the first Holder. Thereafter,
the Company shall duly record the name of a transferee on such register promptly
after receipt of notice of a transfer and of the opinion referred to in Section
4(a) above. The Company shall not be required to give effect to any transfer or
purported transfer of this Note that is not made in accordance with the terms
hereof.

         5.       Payments; Generally.

                  (a) All payments and prepayments of principal of and interest
under the Notes shall be paid ratably to the respective Holders thereof based on
the respective outstanding principal amount of each of the Notes.

                  (b) All payments and prepayments of principal of and interest
under the Notes shall be paid to the Holders of record as specified on the books
of the Company at the time of the payment.

                  (c) All payments on or in respect of this Note, other than
payments of interest made in the form of shares of the Company's Common Stock,
shall be made in such coin and currency of the United States of America as at
the time of payment is legal tender for the payment of public and private debts
by wire transfer pursuant to written wire transfer instructions given to the
Company by the Holder hereof from time to time, or, at the option of the Holder
hereof, in such manner and at such other place in the United States of America
as the Holder hereof shall have designated to the Company in writing pursuant to
the provisions of the Note Purchase Agreement.

                  (d) If the day on which any payment or prepayment of principal
or interest is required to be made hereunder is other than a Business Day (as
defined below), such payment or prepayment shall instead be due and payable on
the next day following such date which is a Business Day. A "Business Day" means
any day other than a Saturday, a Sunday or a day on which commercial banks in
the Philadelphia, Pennsylvania are required or authorized to be closed.

                  (e) Upon payment in full of all principal and interest due
under this Note, the Company's obligations in respect of payment of this Note
shall terminate and the Holder shall promptly surrender this Note to the
Company.

         This Note issued under and pursuant to a Note Purchase Agreement, dated
September 29, 2000 among the Company, Thomas Gravina, Debra Buruchian, Michael
Karp and The Florence Karp Trust (as the same may be amended from time to time,
the "Note Purchase Agreement") and this Note and the Holder hereof is entitled
to all of the rights provided thereby or referred to therein.
<PAGE>   7
                                                                               7

         If any principal or installment of interest is not paid in full on the
due date thereof (whether by maturity, prepayment or acceleration), and upon the
occurrence of any Event of Default (as defined in the Note Purchase Agreement),
the outstanding principal balance of this Note and any overdue installment of
interest (to the extent permitted by applicable law) shall bear interest
thereafter at a rate per annum equal to the Default Rate as determined pursuant
to the terms of the Note Purchase Agreement until such payment is paid in full
or such Event of Default is cured or waived in accordance with the terms of the
Note Purchase Agreement.

         5.       Events of Default. Events of Default, and the Note holder's
rights upon the occurrence and continuation thereof are set forth in the Note
Purchase Agreement.

         6.       Remedies Cumulative. No remedy herein conferred upon the
Holder or the Company is intended to be exclusive of any other remedy and each
and every such remedy shall be cumulative and shall be in addition to every
other remedy given hereunder or now or hereafter existing at law or in equity or
by statute or otherwise. Except as set forth in the Note Purchase Agreement, the
Company hereby waives protest, notice of protest, presentment, dishonor, notice
of dishonor and demand. The rights and privileges of Holder under this Note
shall inure to the benefit of its heirs, personal representatives, successors
and permitted assigns.

         7.       Remedies Not Waived. No course of dealing between the Company
and the Holder or any delay on the part of the Holder or the Company in
exercising any rights hereunder shall operate as a waiver of any right. The
failure of the Holder hereof to exercise any of its rights hereunder in any
particular instance shall not constitute a waiver of the same or of any other
right in that or any subsequent instance.

         8.       Variation in Pronouns. All pronouns and any variations thereof
refer to the masculine, feminine or neuter, singular or plural, as the context
may require.

         9.       Headings. The headings in this Note are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

         10.      Waiver of Jury Trial: THE COMPANY (AND HOLDER BY ITS
ACCEPTANCE HEREOF) EACH HEREBY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO A JURY
TRIAL IN CONNECTION WITH OR IN RESPECT OF RIGHTS ANY LITIGATION ARISING WITH
RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO.

         11.      This Note shall be construed and governed by the laws of the
Commonwealth of Pennsylvania without regard to otherwise applicable principles
of conflicts of laws. The provisions of this Note are severable and the
invalidity or unenforceability of any provision shall not alter or impair the
remaining provisions of this Note. No modification hereof shall be binding or
enforceable against Holder unless made as provided in the Note Purchase
Agreement.
<PAGE>   8
                                                                               8

         12.      CONSENT TO FORUM. AS PART OF THE CONSIDERATION, AND REGARDLESS
OF ANY PRESENT OR FUTURE DOMICILE OR PRINCIPAL PLACE OF BUSINESS OF THE COMPANY
OR ANY HOLDER, THE COMPANY HEREBY CONSENTS AND AGREES THAT THE UNITED STATES
DISTRICT COURT IN THE EASTERN DISTRICT OF PENNSYLVANIA OR THE COURT OF COMMON
PLEAS IN PHILADELPHIA, PENNSYLVANIA SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR
AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THE COMPANY AND ANY HOLDER
PERTAINING TO, ARISING OUT OF, OR RELATING TO THIS AGREEMENT, THE SENIOR
UNSECURED NOTES, OR ANY OF THE OTHER OPERATIVE DOCUMENTS. THE COMPANY WAIVES ANY
OBJECTION BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON
CONVENIENS AND ANY BOND, SURETY OR OTHER SECURITY THAT MIGHT BE REQUIRED IN
CONNECTION WITH ANY SUCH LEGAL PROCEEDING BEING INSTITUTED. THE COMPANY HEREBY
WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN
ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND
OTHER PROCESS MAY BE MADE BY COMPLYING WITH THE PROVISIONS FOR GIVING NOTICE AS
SET FORTH IN THIS AGREEMENT. NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR
OPERATE TO AFFECT THE RIGHT OF THE HOLDER TO SERVE LEGAL PROCESS IN ANY OTHER
MANNER PERMITTED BY LAW, OR TO PRECLUDE THE ENFORCEMENT BY THE HOLDER OF ANY
JUDGMENT OR ORDER OBTAINED IN SUCH FORUM OR THE TAKING OF ANY ACTION UNDER THIS
AGREEMENT TO ENFORCE SAME IN ANY OTHER APPROPRIATE FORUM OR JURISDICTION.

                                       CORECOMM LIMITED

                                       By: /s/ Richard J. Lubasch
                                          _______________________________
                                          Name: Richard J. Lubasch
                                          Title: Senior Vice President,
                                                 General Counsel and Secretary

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