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Exhibit 10.13
   
  Credit Agreement Borrower Senior
Lenders Mezzanine A Loan
Agreement Schedule I Mezzanine A
Borrowers LBHI BofA Barclays Mezzanine A Lenders Mezzanine B Loan Agreement Mezzanine Loan Agreements Schedule II Mezzanine B Borrowers Mezzanine Borrowers Mezzanine B Lenders Mezzanine
Lenders Development Loan Agreement Development Borrower Development Lenders Development Loan Agreement Ground Lease Loan Agreement Loan
Agreements Marina Terrace Fairfax Ground Lease Borrower Ground Lease Lenders




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Borrowers Development Loans Ground Lease Loan
 Tranche A Term Loans
 Tranche
B Term Loans
 -2-




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Development
Loans
 Revolving Credit Commitments
 -3-




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Mezzanine Loans Schedule III
 Ground Lease Loan
 Successful Syndication.
 -4-




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Changes to Terms and Structure
 Reserves
 BofA
Account Reserve Escrow Account Agreement provided
 -5-




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Credit Agreement Covenants and Cure
 Marketing
 Amendments, etc. Underwriting Fee Letter
  Sell-downs
 -6-




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provided
    -7-




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Very truly yours,SENIOR LENDERS/DEVELOPMENT LENDERS:LEHMAN COMMERCIAL PAPER INC.,
   as Senior Lender and Development LenderBy:
    /s/ Paul A. HughsonName:
    Paul A. HughsonTitle:
    Authorized Signatory BANK OF AMERICA, N.A., as Senior Lender and
   Development LenderBy:
    /s/ Dean C. RavosaName:
    Dean C. RavosaTitle:
    Managing Director BARCLAYS CAPITAL REAL ESTATE INC., as 
   Senior Lender and Development LenderBy:
    /s/ LoriAnn RungName:
    LoriAnn RungTitle:
    Vice President




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GROUND LEASE LENDERS:LEHMAN BROTHERS HOLDINGS INC.,
   a Delaware corporationBy:
    /s/ Paul A. HughsonName:
    Paul A. HughsonTitle:
    Authorized Signatory BANK OF AMERICA, N.A.,
   a national banking associationBy:
    /s/ Dean C. RavosaName:
    Dean C. RavosaTitle:
    Managing Director BARCLAYS CAPITAL REAL ESTATE INC.,
   a Delaware corporationBy:
    /s/ LoriAnn RungName:
    LoriAnn RungTitle:
    Vice President MEZZANINE LENDERS:LEHMAN BROTHERS HOLDINGS INC.,
   a Delaware corporationBy:
    /s/ Paul A. HughsonName:
    Paul A. HughsonTitle:
    Authorized Signatory BANK OF AMERICA, N.A., 
   a national banking associationBy:
    /s/ Dean C. RavosaName:
    Dean C. RavosaTitle:
    Managing Director




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BARCLAYS CAPITAL REAL ESTATE FINANCE INC.,
   a Delaware corporationBy:
    /s/ LoriAnn RungName:
    LoriAnn RungTitle:
    Vice PresidentUNDERWRITING FEE LETTER PARTIES:LEHMAN COMMERCIAL PAPER INC., 
   as party to Underwriting Fee LetterBy:
    /s/ Paul A. HughsonName:
    Paul A. HughsonTitle:
    Authorized SignatoryLEHMAN BROTHERS INC., 
   as party to Underwriting Fee LetterBy:
    /s/ Paul A. HughsonName:
    Paul A. HughsonTitle:
    Authorized SignatoryBANC OF AMERICA STRATEGIC
VENTURES, INC., 
   as party to Underwriting Fee LetterBy:
    /s/ Dean C. RavosaName:
    Dean C. RavosaTitle:
    Managing Director




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ACCEPTED AND AGREED TOAS THE DATE FIRST ABOVE WRITTEN:ASOT:ARCHSTONE-SMITH OPERATING TRUSTBy:
    
    /s/ Michael B. Benner

Name: Michael B. BennerTitle:UNDERWRITING FEE LETTER PARTIES:PROPERTY ASSET MANAGEMENT INC.By:
    
    /s/ Paul A. Hughson

Name: Paul A. HughsonTitle Authorized SignatoryTISHMAN SPEYER DEVELOPMENT CORPORATIONBy:
    
    /s/ Michael B. Benner

Name: Michael B. BennerTitle




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DEVELOPMENT BORROWERTISHMAN SPEYER ARCHSTONE-SMITH
MULTIFAMILY HOLDINGS I (DEVELOPMENT
BORROWER), L.P.By: Tishman Speyer Archstone-Smith
Multifamily 
Holdings I (Development Borrower) GP, 
L.L.C., its general partnerBy:
    
    /s/ Michael B. Benner

Name: Michael B. BennerTitle:




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GROUND LEASE BORROWERS:TISHMAN SPEYER ARCHSTONE-SMITH
FAIRFAX, L.L.C.By:
    
    /s/ Michael B. Benner

Name: Michael B. BennerTitle:TISHMAN SPEYER ARCHSTONE-SMITH
MARINA TERRACE, L.L.C.By:
    
    /s/ Michael B. BennerName: Michael B. BennerTitle:TISHMAN SPEYER ARCHSTONE-SMITH 
ONE SUPERIOR PLACE, L.L.C.By:
    
    /s/ Michael B. BennerName: Michael B. BennerTitle: