SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 14, 1998
CARLYLE REAL ESTATE LIMITED PARTNERSHIP - VII
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(Exact name of registrant as specified in its charter)
Illinois 0-8915 36-2875192
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(State or other) (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Organization
900 N. Michigan Avenue, Chicago, Illinois 60611-1575
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(Address of principal executive office)
Registrant's telephone number, including area code: (312) 915-1987
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CARLYLE REAL ESTATE LIMITED PARTNERSHIP - VII
Chicago, Illinois
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ITEM 5. OTHER EVENTS. The Partnership has sold all of its real estate
assets and has thereby dissolved in accordance with the terms of its
partnership agreement. The Partnership made a final liquidating cash
distribution to the holders of its limited partnership interests (the
"Interests") in the aggregate amount of $1,590,562 or $88.34 per Interest.
In addition, the Partnership made a final liquidating cash distribution to
its General Partners and paid a management fee to the Corporate General
Partner in the aggregate amount of $222,102. The Partnership wound up its
affairs effective December 17, 1998.
In connection with its winding up, the Partnership entered into an
agreement (the "Winding Up Agreement") with JMB Realty Corporation, the
Corporate General Partner, pursuant to which the Corporate General Partner
generally assumed the obligation to pay or otherwise discharge expenses and
liabilities of the Partnership not otherwise paid, discharged or provided
for by the Partnership, including contingent liabilities of the Partnership
that may arise after its winding up. In consideration of such assumption,
the Partnership paid the Corporate General Partner approximately $5,100 in
cash and transferred to the Corporate General Partner the Partnership's
contingent rights, if any, to indemnification or reimbursement, including
coverage and benefits under contracts of insurance, and certain other
rights to receive or collect amounts, if any, that may be payable to the
Partnership.
ITEM 8. CHANGE IN FISCAL YEAR. On December 14, 1998, the Partnership
determined to change its fiscal year from a December 31 fiscal year, used
in its most recent filing for the quarter ended September 30, 1998, to the
date of winding up, December 17, 1998. A final form 10-K will be filed
covering this final period within 90 days of such date.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements. Not applicable.
(b) Pro Forma Financial Information. Not applicable.
(c) Exhibits.
10.1 Winding Up Agreement dated as of December 17, 1998, by
and between the Partnership and JMB Realty Corporation.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
CARLYLE REAL ESTATE LIMITED PARTNERSHIP - VII
BY: JMB Realty Corporation
Corporate General Partner
By: GAILEN J. HULL
Gailen J. Hull
Senior Vice President and
Principal Accounting Officer
Date: January 12, 1999
EXHIBIT 10.1
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WINDING UP AGREEMENT
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THIS AGREEMENT is made effective as of December __, 1998 by and
between CARLYLE REAL ESTATE LIMITED PARTNERSHIP-VII, 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:
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WHEREAS, the Partnership has sold all of the real estate assets of
the Partnership 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 31, 1998 (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) 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.
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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 the date hereof the
amount of $5,092.60 and (ii) hereby transfers and assigns to 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.
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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.
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: ______________________________
Its: ______________________________
CARLYLE REAL ESTATE LIMITED PARTNERSHIP-VII
By: JMB Realty Corporation
Corporate General Partner
By: ________________________
Its: ________________________
By: AGPP Associates, L.P.
Associate General Partner
By: JMB Realty Corporation
General Partner
By: ________________________
Its: ________________________
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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 ____________________________,
_______________________________ of JMB REALTY CORPORATION ("JMB"), a
Delaware corporation that is the Corporate General Partner of Carlyle Real
Estate Limited Partnership-VII (the "Partnership"), an Illinois limited
partnership, and the sole general partner of AGPP Associates, L.P., an
Illinois limited partnership that is the Associate General Partner of the
Partnership; and __________________________, ____________________________
of JMB, who 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 ______ day of December,
1998.
___________________________________
Notary Public
My commission expires:
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