Document:

EXHIBIT 10.1
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                         WINDING UP AGREEMENT

     THIS AGREEMENT is made effective as of December 17, 2003 by and
between CARLYLE REAL ESTATE LIMITED PARTNERSHIP-XIII, an Illinois limited
partnership (the "Partnership"), and JMB REALTY CORPORATION, a Delaware
corporation ("JMB").  Capitalized terms used herein but not defined have
the same meanings as in the Partnership's Amended and Restated Agreement of
Limited Partnership (as amended to date, the "Partnership Agreement").

                              WITNESSETH:
                              ----------

     WHEREAS, the Partnership has sold all of its real estate assets and
has thereby dissolved in accordance with Section 17.2 of the Partnership
Agreement; and

     WHEREAS, the Partnership desires to complete the winding up of its
business and affairs effective as of December 17, 2003 (the "Winding Up
Date"); and

     WHEREAS, there are or may be certain known, and there may be certain
other unknown, costs, expenses, obligations or liabilities incurred by or
on behalf of, or claims, demands, assessments or charges against, the
Partnership (collectively, the "Liabilities") that will not have been paid,
discharged, extinguished or otherwise provided for on or before the Winding
Up Date; and

     WHEREAS, the Partnership desires to be relieved of the Liabilities on
the terms and conditions set forth herein in order to complete the winding
up of its business and affairs on the Winding Up Date; and

     WHEREAS, JMB is the Corporate General Partner of the Partnership and
is willing to assume the obligation to pay, extinguish or otherwise
discharge the Liabilities on the terms and conditions set forth herein;

     NOW, THEREFORE, in consideration of the mutual covenants and
agreements herein contained, the parties hereto agree as follows:

     1.    JMB hereby assumes the obligation to pay, extinguish or
otherwise discharge, and agrees to indemnify, defend and hold harmless the
Partnership and each of its other partners from, each of the Liabilities,
whether known or unknown, suspected or unsuspected, fixed or contingent,
foreseen or unforeseen, that has not been paid, discharged, extinguished or
otherwise provided for on or before the Winding Up Date; provided, however
that in no event shall the Liabilities be deemed to include any obligation
or liability of the Partnership (i) for any distribution of cash or other
property or asset of any kind that was, is or may be distributable
(including, without limitation, a return of any capital contribution) to
any partner of the Partnership (or his assignee), or any holder of any
limited partnership interest in the Partnership, in his capacity as such;
or (ii) for which the obligation or liability of, or recourse against, the
Partnership was or is, by law, contract or otherwise, limited to an asset
or assets of the Partnership.

     2.    In consideration of JMB's assumption of the obligation to pay,
extinguish or otherwise discharge the Liabilities as provided in this
Agreement, the Partnership (i) agrees to pay JMB on or before the Winding
Up Date the amount of $3,277.11, and (ii) hereby transfers and assigns to

                                   1

<PAGE>

JMB all of the Partnership's right, title to and interest in, and all of
the Partnership's rights to own, receive, collect and/or enforce the
payment, reimbursement or transfer of, any and all monies or other property
or assets of any kind (and any claims therein or thereto), including,
without limitation, the coverage and benefits by, and proceeds receivable
from, all contracts of insurance maintained by or on behalf of the
Partnership, to the maximum extent provided therein or under applicable
law, that remain, or that become or otherwise would or may be, payable,
transferable or reimbursable to the Partnership, on or after the Winding Up
Date (other than such rights with respect to any monies of the Partnership
that remain on the Winding Up Date and that are required to pay or
discharge checks or drafts issued by the Partnership on or before the
Winding Up Date).  JMB shall have no right of indemnification or
contribution from any of the other partners of the Partnership in their
capacity as such as a result of payments or claims made with respect to the
Liabilities, whether or not such payments or claims in the aggregate are in
excess of the amount of money or the value of other property or assets paid
or transferred to or received or collected by JMB pursuant to the terms of
this Agreement.

     3.    Notwithstanding anything to the contrary in this Agreement, JMB
shall be entitled to the benefit of any and all rights of indemnification,
contribution, offset and any other right of recourse to or claim against
any third party (other than any right of indemnification or contribution
with respect to the Liabilities by or from a partner of the Partnership in
his capacity as such but including any other recourse to or claim against a
person who is or was a partner of the Partnership in any other capacity)
that the Partnership has, may have or otherwise could have or assert at any
time, whether in connection with, relating to or arising from any of the
Liabilities or otherwise, and the Partnership hereby assigns and transfers
to JMB all of its right, title to and interest in each and every such right
or claim.

     4.    The Partnership hereby makes, constitutes and appoints JMB,
with full power of substitution, the Partnership's true and lawful
attorney-in-fact for the Partnership and in its name, place and stead to
make, execute, acknowledge, swear to, deliver, record, file and/or perform
any agreements, instruments or other documents, and to take any and all
other actions on behalf of the Partnership, whether on or after the Winding
Up Date, that may be considered necessary or desirable by JMB to carry out
fully the provisions of this Agreement, including without limitation, to
execute and deliver on behalf of the Partnership any document evidencing,
acknowledging or fulfilling the assignment and transfer by the Partnership
to JMB of any rights or claims referred to in Section 2 or 3 of this
Agreement and to collect, sue for or recover any monies or other property
or assets, to compromise or settle any claims and to endorse any checks or
other instruments on behalf of the Partnership.  Pursuant to such power of
attorney, the Partnership hereby authorizes JMB to take any and all actions
on behalf of the Partnership as JMB may consider necessary or desirable in
connection with any of the foregoing to the same extent as the Partnership
could or might do if personally present, and the Partnership hereby
approves and confirms all such actions on its behalf.  The power of
attorney hereby granted is coupled with an interest, is irrevocable and, to
the extent allowed by applicable law, shall survive the dissolution,
winding up and termination of the Partnership.

     5.    Except as otherwise expressly provided in this Agreement,
nothing contained herein shall prevent, limit or qualify in any way the
rights, powers and authority JMB otherwise has or may exercise in its
capacity as the Corporate General Partner of the Partnership.

     6.    This Agreement shall inure to the benefit of, and shall be
binding upon, the parties hereto and their respective successors and
assigns.  This Agreement and the rights and obligations of the parties
hereto shall survive the dissolution, winding up and termination of the
Partnership.

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<PAGE>

     7.    If any one or more of the provisions of this Agreement is for
any reason held to be invalid, illegal or unenforceable in any respect by a
court of competent jurisdiction, such invalidity, illegality or
unenforceability shall not impair or affect the validity and enforceability
of the other provisions hereof, and this Agreement shall be construed as
though each such invalid, illegal or unenforceable provision were not
contained herein.

     8.    Any reference in this Agreement to the singular shall also be
deemed to include the plural, and vice versa, unless the context otherwise
requires.

     9.    This Agreement and the rights and obligations of the parties
hereto shall be interpreted, construed and enforced in accordance with the
internal laws of the State of Illinois.

     10.   This Agreement may be executed in one or more counterparts,
each of which shall be deemed an original, but all of which together shall
constitute one and the same Agreement.

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

                      JMB REALTY CORPORATION

                      By:   /s/ Patrick Meara
                            ------------------------------------
                      Its:  Senior Vice President
                            ------------------------------------

                      CARLYLE REAL ESTATE LIMITED PARTNERSHIP - XIII

                      By:   JMB Realty Corporation
                            Corporate General Partner

                            By:   /s/ Paul C. Nielsen
                                  ------------------------------
                            Its:  Senior Vice President
                                  ------------------------------

                      By:   ABPP Associates, L.P.
                            Associate General Partner

                            By:   JMB Realty Corporation
                                  General Partner

                                  By:  /s/ Paul C. Nielsen
                                       ------------------------
                                  Its: Senior Vice President
                                       ------------------------

                                   3

<PAGE>

State of Illinois     )
                      )     SS:
County of Cook        )

     Before me, the undersigned, a Notary Public in and for said County
and State, on this day personally appeared PAUL C. NIELSEN, SENIOR VICE
PRESIDENT of JMB REALTY CORPORATION ("JMB"), a Delaware corporation that is
the Corporate General Partner of CARLYLE REAL ESTATE LIMITED PARTNERSHIP-
XIII (the "Partnership"), an Illinois limited partnership, and the sole
general partner of ABPP Associates, L.P., an Illinois limited partnership
that is the Associate General Partner of the Partnership; and PATRICK
MEARA, SENIOR VICE PRESIDENT of JMB, both of whom are known to me to be the
persons whose names are subscribed to the foregoing instrument, and
acknowledged to me that they executed the same in the capacities and for
the purposes and consideration therein expressed.

     Given under my hand and seal of office this 17th day of December,
2003.

                                  /s/ Marilyn A. Corbett
                                  ----------------------------
                                  Notary Public

My commission expires:

     2/28/05
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"OFFICIAL SEAL"
Marilyn A. Corbett
Notary Public, State of Illinois
My Commission Expires 02/28/05

                                   4exv4w1

 

Exhibit 4.1

 

 

KRAMONT REALTY TRUST

IMPORTANT NOTICE

     The Trust will furnish to any shareholder, on request and without charge,
a full statement of the information required by Section 8-203(d) of the Corporations and Associations
Article of the Annotated Code of Maryland with respect to the designations and
any preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications, and terms and conditions of redemption of the shares of each class of beneficial Interest
which the Trust has authority to issue and, if the Trust is authorized to issue any preferred or special class
in series, (i) the differences in the relative rights and preferences
between the shares of each series to the extent
they have been set, and (ii) the authority of the Board of Trustees to set the relative rights and
preferences of subsequent series. The foregoing summary does not purport to be complete and is subject to and
qualified in its entirety by reference to the Declaration of Trust of the Trust, a copy of which will be sent without
charge to each shareholder who so requests. Such request must be made to the Secretary of the Trust at its
principal office.

     In
addition, the transfer of the shares represented by this Certificate
is restricted as provided in
Article VII of the Declaration of Trust of the Trust, as amended, and Section 1.7 of the Articles
Supplementary to the Declaration of Trust of the Trust relating to the 8.25% Series E Cumulative
Redeemable Preferred Shares of Beneficial Interest, copies of which will be sent without charge to each
shareholder who so requests. Such requests must be made to the
Secretary of the Trust at its principal
office or to the Transfer Agent. The Trust will furnish a full
statement about these restrictions on
transferability on request and without charge.

KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN

OR DESTROYED, THE TRUST WILL REQUIRE A BOND OF INDEMNITY AS A

CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE

     The following abbreviations when used in the inscription on the face of this
Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

	 	 	 	 	 
	TEN COM	 	
-
	 	as tenants in common
	TEN ENT	 	
-
	 	as tenants by the entireties
	JT TEN	 	
-
	 	as joint tenants with right
of survivorship and not as tenants
in common

	 	 	 	 	 	 	 	 	 
	UNIF GIFT MIN ACT	 	
-
	 	 	 	Custodian	 	 
	 	 	 	 	

	 	 	 	

	 	 	 	 	(Cust)
	 	 	 	(Minor)
	 
	 	Under Uniform Gifts
to Minors Act
 

(State)

Additional abbreviations may also be used though not in the above list.

	 	 	 	 	 
	FOR VALUE RECEIVED,	 	 	 	HEREBY SELL, ASSIGN AND TRANSFER UNTO
	 	 	

	 	 

	 	 	 
	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE	 	
 
	 	 	 
	
	 	 

	 	 	 
	

(Please Print or Typewrite Name and Address, including Zip Code, of Assignee)

	 
	

shares of beneficial interest of the Trust represented by the within
Certificate, and do hereby irrevocably constitute and appoint

	 
	

Attorney to transfer the said shares on the books of the within named Trust
with full power of substitution in the premises.

	 	 	 	 	 
	Dated	 	 	 	 
	 	 	

	 	 

	 	 	 	 	 
	 	 	
NOTICE:	 	 
	 	 	 	 	

	 	 	 	 	THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS
WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER.

	 	 	 
	SIGNATURE(S) GUARANTEED:	 	 
	 	 	

	 	 	
THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO
S.E.C. RULE 17Ad-16.

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