Document:

ORIGINAL
NAME                       ISSUE DATE                PRIN              DOC #
----------------------------------------------------------------------------
HITEL*                       2/3/98                $100,000            9802
729759 Alberta Ltd           2/3/98                $150,000            9804
729759 Alberta Ltd           2/3/98                $100,000            9805

* Filed herewith

<PAGE>

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

                                                         PROMISSORY NOTE 9802

                                     2/3/98

         FOR THE VALUE RECEIVED, the undersigned promises to pay to the order of
Hi-TEL GROUP the sum of one hundred thousand ($100,000) United States of America
Dollars.

         The Note amount shall be paid to Note Holder in a single payment,
including an accrued interest due, of one hundred thousand ($100,000) on or
before December 31, 1998. Interest will be Ten percent (10%) per annum.

         In addition, the maker provides to the Note holder, listed above, the
IRREVOCABLE right to convert this Note into Common Shares of NEW YORK REGIONAL
RAIL CORPORATION, as said Common Shares are available under the provisions of
the non-public offering exemption as provided in the U.S. Securities Act of 1933
(and Regulation D thereunder) for as long as this Note, remains open. The
conversion rights granted to the Note Holder will be at nine cents per share and
will be calculated based on the value of the Note divided nine cents. The
conversion rights represented by this Note are exercisable at the option of the
Note Holder at any time within the period above specified.

         Upon exercise of Note 9802 conversion to Common shares the maker grants
Note Holder an option to acquire a block of 1,250,000 shares of non restricted
Common Stock for fifteen cents ($.15) per share. Said option will be exercisable
until April 30, 1999.

To receive a certificate for the Common shares when the Note is converted, the
Note will be presented and surrendered to the Corporation, with the accompanying
form.

      Note or any other Common shares issued to Holder as result of provisions
of this Note will be issued with out restrictions.

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

New York Regional Rail Corporation

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

                                                         PROMISSORY NOTE 9803

                                     2/20/98

         FOR THE VALUE RECEIVED, the undersigned promises to pay to the order of
Hi-TEL GROUP the sum of one hundred thousand ($100,000) United States of America
Dollars.

         The Note amount shall be paid to Note Holder in a single payment,
including an accrued interest due, of one hundred thousand ($100,000) on or
before December 31, 1998. Interest will be Ten percent (10%) per annum.

         In addition, the maker provides to the Note holder, listed above, the
IRREVOCABLE right to convert this Note into Common Shares of NEW YORK REGIONAL
RAIL CORPORATION, as said Common Shares are available under the provisions of
the non-public offering exemption as provided in the U.S. Securities Act of 1933
(and Regulation D thereunder) for as long as this Note, remains open. The
conversion rights granted to the Note Holder will be at nine cents per share and
will be calculated based on the value of the Note divided nine cents. The
conversion rights represented by this Note are exercisable at the option of the
Note Holder at any time within the period above specified.

         Upon exercise of Note 9803 conversion to Common shares the maker grants
Note Holder an option to acquire a block of 550,000 shares of non restricted
Common Stock for fifteen cents ($.15) per share. Said option will be exercisable
until June 30, 1999.

         Maker warrants that Common shares provided to Note Holder on conversion
of Note or any other Common shares issued to Holder as result of provisions of
this Note will be issued with out restrictions.

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

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

New York Regional Rail Corporation
By:____________________
PresidentNEW YORK REGIONAL RAIL CORPORATION
                                 4302 FIRST AVE.
                               BROOKLYN, NY 11232
                        (718) 788-3690 FAX (718) 788-4462

                              PROMISSORY NOTE 9806
                                     2/20/98

FOR THE VALUE RECEIVED, the undersigned promises to pay to the order of Hi-Tel
group, the sum of one hundred fifty thousand ($150,000.00) United States of
America Dollars.

The Note amount shall be paid to Note Holder in a single payment of one hundred
fifty thousand USA Dollars ($150,000.00), plus all accrued interest due, on or
before August 31, 1998. Interest will be Ten percent (10%) per annum.

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

         (i)      on the value of the Note divided by twelve cents ($.12) or
         (ii)     on the value of the Note divided by the ninety percent (90%)
                  of the average closing price of the common shares for the
                  previous ten trading days prior to the date the conversion is
                  exercised by the Note holder.

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

Upon exercise of Note 9806 conversion into Common shares the maker grants Note
Holder an OPTION to acquire a block of 1,250,000 shares of non-restricted Common
Stock for twenty cents ($0.20) a share. Said OPTION will be exercisable until
June 30, 1999.

Maker warrants that Common shares provided to Note Holder on conversion of Note
or any other Common shares issued to Holder as result of provisions of this Note
will be issued without restrictions. If Common Stock is not available under
Regulation D, Rule 504, the Maker warrants that the Common stock discussed
herein will be registered without restrictions.

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

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

New York Regional Rail Corporation

By:_________________________
PresidentORIGINAL
NAME                       ISSUE DATE                PRIN              DOC #
----------------------------------------------------------------------------
HITEL                      6/1/98                    $75,000            9807
MARSALA*                   6/1/98                    $25,000            9808
MARSALA                    6/1/98                    $25,000            9809
PIPITONE                   6/1/98                    $25,000            9810
A.CRAWFORD                 6/1/98                    $25,000            9811
R.CRAWFORD                 7/1/98                    $40,000            9817

* Filed herewith

<PAGE>

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

                              PROMISSORY NOTE 9808
                                  June 1, 1998

FOR THE VALUE RECEIVED, the undersigned promises to pay to the order of John
Marsala, the sum of twenty-five thousand ($25,000.00) United States of America
Dollars.

The Note amount shall be paid to Note Holder in a single payment of twenty-five
thousand USA Dollars ($25,000.00), plus all accrued interest due, on or before
December 31, 1998. Interest will be Ten percent (10%) per annum.

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

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

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

Upon exercise of Note 9808 conversion into Common shares the maker grants Note
Holder an OPTION to acquire a block of .25 shares of non-restricted Common Stock
for twenty-five cents ($0.25) a share. Said OPTION will be exercisable until
June 30, 1999.

Maker warrants that Common shares provided to Note Holder on conversion of Note
or any other Common shares issued to Holder as result of provisions of this Note
will be issued without restrictions. If Common Stock is not available under
Regulation D, Rule 504, the Maker warrants that the Common stock discussed
herein will be registered without restrictions.

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

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

New York Regional Rail Corporation

By:_________________________
President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}]]