**Exhibit
      10.25**




**PROMISSORY
      NOTE**






$10,000,000.00


Houston,
      Texas


March
      1,
      2007




FOR
      VALUE
      RECEIVED, HCP REIT Operating Company IV LLC, a Texas limited liability company (“Borrower”), having
      its principal place of business at 1450 West Sam Houston Pkwy, Suite 111,
      Houston, TX 77043 promises to pay to the order of MidFirst Bank, a federally
      chartered savings association (“Lender”), at the following address: MidFirst
      Plaza, P.O. Box 26750, Oklahoma City, Oklahoma
      73126, or such other place as the holder hereof may from time to time designate
      in writing, the principal
      sum of TEN MILLION AND NO/100 DOLLARS ($10,000,000.00) in lawful money of the United
      States of America, with interest thereon to be computed from the date of
      disbursement under this Promissory
      Note (this “Note”) at the Applicable Interest Rate (hereinafter defined), and to
      be paid in installments as follows:




A.
            A
                constant payment of $60,212.46 (based upon an amortization schedule
                assuming a 360day
                year consisting of 12 months of 30 days each) on the first day of
                April,
                2007 and onthe
                first day of each calendar month thereafter up to and including the
                first
                day of February, 2014; and




B.
            The
                balance of said principal sum, all unpaid interest thereon and all
                other
                amounts owed pursuant to this Note, the Security Instrument (hereinafter
                defined), the Other SecurityDocuments
                (hereinafter defined), or otherwise in connection with the loan evidenced
                bythis
                Note shall be due and payable on the first day of March, 2014 (the“Maturity
                Date”).




All
      payments to be made by Borrower to Lender shall be deemed received by Lender
      only upon Lender’s actual receipt of same.




1. Applicable
      Interest Rate. Interest
      accruing on the principal sum of this Note shall be calculated
      on the basis of a 360-day year comprised of twelve (12) thirty (30) day months,
      except that interest
      due and payable for a period of less than a full month shall be calculated
      by
      multiplying the actual number
      of
      days elapsed in such period by a daily rate based on said 360 day year, provided
      that such method of calculation does not cause the effective rate of interest
      on
      the loan evidenced hereby to exceed the
      maximum lawful rate of interest applicable hereto as calculated on the basis
      of
      a 365 or 366 day year. The term “Applicable
      Interest Rate” as
      used
      in this Note shall mean, from the date of this Note through and
      including the Maturity Date, a rate of Six and 04/100 percent (6.04%) per
      annum.




2.  Application. All
      payments on this Note shall be applied at any time and from time to time in
      the
      following order: (i) the payment or reimbursement of any expenses (including
      but
      not limited to
      late
      charges), costs or obligations (other than the principal hereof and interest
      hereon) for which Borrower
      shall be obligated or Lender entitled pursuant to the provisions hereof or
      of
      the Security Instrument
      or the Other Security Documents, (ii) the payment of accrued but unpaid interest
      thereon, (iii) the
      payment of unpaid escrow amounts required herein, in the Security Instrument
      or
      in the Other Security Documents, if any, and (iv) the payment of all or any
      portion of the principal balance then outstanding
      hereunder, in either the direct or inverse order of maturity, at Lender’s
      option. Any payment made
      by
      Borrower must be received by Lender in immediately available funds no later
      than
      4:00 p.m. Oklahoma
      City time in order to receive same day credit; any payment received thereafter
      shall be considered
      to have been made on the following business day.




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3.  Late
      Charge. If
      any
      part of the Debt (hereinafter defined) is not actually received by Lender
      by
      close of business on the fifteenth (15th) day after the date on which it was
      due, Borrower shall pay
      to
      Lender an amount (the “Late
      Charge”) equal
      to
      the lesser of four percent (4%) of such unpaid portion of the missed payment
      or
      the maximum amount permitted by applicable law, to defray the expenses
      incurred by Lender in handling and processing such delinquent payment and to
      compensate Lender
      for the loss of the use of such delinquent payment. All such Late Charges shall
      be automatically due
      and
      payable without notice or demand and shall be secured by the Security Instrument
      and the Other Security
      Documents. In addition, Borrower shall pay to Lender a charge of $25.00 if
      a
      check or preauthorized charge with which Borrower makes a payment on this Note
      is dishonored or refused by Borrower’s payor institution, and Lender may, at its
      option, thereafter require any sums due under this Note to be paid by wire
      transfer of federal funds, cashier’s check or certified funds. Borrower’s
      payment of a Late Charge or the payment of interest at the default Rate (defined
      below) shall not excuse late payment or constitute a waiver of any rights of
      Lender.




4.  Security;
      Defined Terms; Incorporation by Reference. This
      Note
      is secured by the Security
      Instrument and the Other Security Documents. The term “Security
      Instrument” as
      used
      in this Note
      shall mean the Deed of Trust, Security Agreement, Assignment of Leases and
      Rents
      and Fixture Filing,
      executed and delivered by Borrower contemporaneously with this Note and which
      secures the Debt.
      The
      term “Other
      Security Documents” means
      all
      documents other than this Note or the Security Instrument
      now or hereafter executed and/or delivered by Borrower and/or others and to
      or
      in favor of Lender,
      which wholly or partially secure, evidence or guarantee payment of the Debt,
      provide for any indemnity
      in favor of or payment to Lender related to the Debt, this Note or the Mortgaged
      Property (as defined
      in the Security Instrument), provide for any escrow/holdback arrangements or
      for
      any actions to be completed by Borrower subsequent to the date hereof, or are
      otherwise related to the loan evidenced by this
      Note. All amounts due and payable under this Note, together with all sums due
      under the Security Instrument and the Other Security Documents, including any
      applicable Prepayment Consideration (hereinafter defined) and all applicable
      attorney fees and costs, are collectively referred to herein as the “Debt.” The
      term
“business day” or “business days” shall mean those days (other than Saturdays or Sundays)
      upon which banks are generally open in Texas and Oklahoma for the conduct of
      substantially all
      of
      their commercial lending activities, and wire transfers of funds can be made.
      Where appropriate, the singular number shall include the plural, the plural
      shall include the singular, and the words “Lender” and “Borrower”
      shall include their respective successors, assigns, heirs, personal
      representatives, executors and
      administrators.




5. Optional
      Prepayment; Prepayment Premium.




(a)
      Optional prepayments shall not be permitted except as specifically provided
      in this
      Section 5, and Lender may refuse to accept any prepayment that does not comply
      with this Section. Prepayments
      of principal may be made in full, but not in part (except in the event of
      casualty loss or condemnation
      as described below), on any installment payment due date described in paragraph
      B on the first
      page of this Note, with advance written notice to Lender not later than 30
      days
      prior to such prepayment
      stating that Borrower intends to prepay this Note in full on the date specified
      in such notice. Any
      prepaid amounts specified in such notice shall become due and payable at the
      time provided in such notice.
      Such notice shall not suspend or defer the payment of regularly scheduled
      principal and interest installments
      as they become due. Any prepayment by Borrower, except as described in
      subparagraph (c) below, shall include a prepayment consideration equal to:
      (i)
      three percent (3%) of the unpaid principal balance
      if prepaid during the first, second or third Loan Year, (ii) two percent (2%)
      of
      the unpaid principal balance if prepaid during the fourth Loan Year, and (iii)
      one percent (1%) of the unpaid principal
      balance if prepaid during the fifth Loan Year (the “Prepayment
      Consideration”). Subject
      to compliance
      with the notice provisions provided above, no Prepayment Consideration shall
      be
      due for a prepayment
      in full during the sixth and seventh Loan Year. For purposes of the preceding
      sentences, a “Loan
      Year” shall mean the period of time beginning March 1 of any given year and
      continuing through and
      including the following February 28 or 29, as the case may be.




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(b)  In
      the
      event that Lender accelerates the maturity of this Note at any time during which
      a
      Prepayment Consideration applies, and a tender of payment in excess of the
      minimum amount necessary
      to reinstate the Loan is made by or on behalf of Borrower in an amount
      sufficient to satisfy the Debt prior to or at a sheriffs sale, trustee’s sale or
      other foreclosure sale of the Mortgaged Property, or during any redemption
      period following such sale, such tender shall be considered to constitute a
      voluntary prepayment and shall require payment of the Prepayment Consideration
      provided for in this Section
      5, and Lender shall not be required to accept such payment if it does not
      include the Prepayment Consideration
      required under this Section 5. Alternatively or additionally, Lender may seek
      injunctive relief
      in
      a court of competent jurisdiction to restrain or prohibit a purposeful default
      by Borrower, in which
      event Borrower shall pay to Lender legal and other expenses incurred by Lender
      in connection with such
      default and Lender’s efforts to restrain such default. Lender shall be entitled
      to include the amount of
      the
      Prepayment Consideration in any credit bid at a sheriffs sale, trustee’s sale or
      other foreclosure of the Mortgaged Property. Borrower expressly waives the
      provisions of any present or future statute or law which
      prohibits or may prohibit the collection of a prepayment premium, prepayment
      consideration or charge
      upon acceleration, and acknowledges and agrees that the foregoing waiver
      constitutes separate consideration
      for Lender’s agreement to make the loan evidenced hereby, and that Lender would
      not have made
      such
      loan and/or would have charged a higher interest rate without such a
      waiver.




(c)  Notwithstanding
      the foregoing: (A) no Prepayment Consideration shall be charged
      on any prepayment caused by Lender’s election to apply insurance proceeds or
      condemnation awards
      to
      the Debt under the terms of the Security Instrument; (B) no Prepayment
      Consideration shall be charged
      on any prepayment made within the sixty (60) day period immediately preceding
      the Maturity Date;
      and
      (C) in no event shall the Prepayment Consideration exceed an amount equal to
      the
      excess, if any,
      of
      (i) interest calculated at the highest applicable rate permitted by applicable
      law, as construed by courts having jurisdiction thereof, on the principal
      balance of this Note from time to time outstanding from
      the
      date of closing of the Loan to the date of such acceleration, over (ii) interest
      theretofore paid and accrued on this Note. The amount of any prepayment shall
      never be less than the full amount of the then outstanding
      principal and interest.




6. Default. An “Event
      of Default” shall
      occur if:




(a)
      Borrower fails to make the full and punctual payment of any amount payable hereunder
      or under the Security Instrument or Other Security Documents as and when the
      same becomes due
      and
      payable;




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(b)  Borrower
      fails to pay the entire outstanding principal balance hereunder, together with
      all
      accrued and unpaid interest, on the date when due, whether on the Maturity
      Date,
      upon acceleration
      or prepayment or otherwise; or




(c)  an
      Event
      of Default (as defined in the Security Instrument or any of the Other Security
      Documents) has occurred under the Security Instrument and/or Other Security
      Documents.




7.  Acceleration. The
      whole
      of the Debt, including without limitation, the principal sum of this
      Note, all accrued interest and all other sums due under this Note, the Security
      Instrument and the Other Security Documents, together with any applicable
      Prepayment Consideration, shall become immediately
      due and payable at the option of Lender, without notice, at any time following
      the occurrence
      of an Event of Default.




8.  Default
      Interest. Upon
      the
      occurrence of an Event of Default (including without limitation, the failure
      of
      Borrower to pay the Debt in full on the Maturity Date), Lender shall be entitled to
      receive and Borrower shall pay interest on the entire unpaid principal balance
      at the rate (the “Default Rate”) equal
      to
      four percent (4%) above the Applicable Interest Rate. The Default Rate shall
      be computed
      from the occurrence of the Event of Default until the actual payment in full
      of
      the Debt. This charge
      shall be added to the Debt, and shall be deemed secured by the Security
      Instrument. This clause, however, shall not be construed as an agreement or
      privilege to extend the Maturity Date, nor as a waiver of
      any
      other right or remedy accruing to Lender by reason of the occurrence of any
      Event of Default.




9.  Attorney
      Fees. In
      the
      event that Lender employs attorney(s) to collect the Debt, to enforce
      the provisions of this Note or to protect or foreclose the security herefor,
      Borrower agrees to pay Lender’s
      attorney fees and disbursements, whether or not suit be brought. Such fees
      shall
      be immediately due
      and
      payable.




10. Use
      of
      Proceeds; Limit of Validity. The
      proceeds of this Note are to be used for business,
      commercial, investment or other similar purposes and no portion thereof will
      be
      used for personal,
      family or household use. It is expressly stipulated and agreed to be the intent
      of Borrower and Lender at all times to comply with the applicable Texas law
      governing the maximum rate or amount of interest payable on this Note or the
      Debt and by the Other Security Documents (or applicable United States federal
      law to the extent that it permits Lender to contract for, take, reserve or
      receive a greater amount
      of
      interest than under Texas law) (the “Maximum
      Rate”). If
      (i)
      the applicable law is ever judicially
      interpreted so as to render usurious any amount called for under this Note,
      the
      Security Instrument,
      or under any of the Other Security Documents, or contracted for, charged, taken,
      reserved or received
      with respect to the indebtedness evidenced by this Note, the Security
      Instrument, or the Other Security
      Documents, or (ii) Lender’s exercise of the option herein contained to
      accelerate the maturity of this
      Note
      or any prepayment by Borrower results in Borrower having paid any interest
      in
      excess of that permitted
      by applicable law, then it is Borrower’s and Lender’s express intent that (a)
      all excess amounts theretofore
      collected by Lender be credited on the principal balance of this Note (or,
      if
      this Note has been or
      would
      thereby be paid in full, refunded to Borrower), and (b) the provisions of this
      Note, the Security Instrument,
      and the Other Security Documents immediately be deemed reformed and the amounts thereafter
      collectible hereunder and thereunder reduced, without the necessity of the
      execution of any new document so as to comply with the applicable law, but
      so as
      to permit the recovery of the fullest amount otherwise called for hereunder
      and
      thereunder. All sums paid or agreed to be paid to Lender for the use, forbearance
      and detention of the indebtedness evidenced hereby and by the Security
      Instrument, and the Other
      Security Documents shall, to the extent permitted by applicable law, be
      amortized, prorated, allocated
      and spread throughout the full term of such indebtedness until payment in full
      so that the rate or amount of interest on account of such indebtedness does
      not
      exceed the usury ceiling from time to time in effect and applicable to such
      indebtedness for so long as Debt is outstanding. To the extent that Lender
      is relying
      on Chapter 303, as amended, of the Texas Finance Code to determine the maximum
      amount of interest
      permitted by applicable law on the principal of this Note, Lender will utilize
      the weekly rate ceiling
      from time to time in effect as provided in such Chapter 303, as amended. To
      the
      extent United States
      federal law permits a greater amount of interest than is permitted under Texas
      law, Lender will rely on
      United
      States federal law instead of such Chapter 303, as amended, for the purpose
      of
      determining the maximum
      amount permitted by applicable law. Additionally, to the extent permitted by
      applicable law now
      or
      hereafter in effect, Lender may, at its option and from time to time, implement
      any other method of
      computing the maximum lawful rate under such Chapter 303, as amended, or under
      other applicable law by giving notice, if required, to Borrower as provided
      by
      applicable law now or hereafter in effect. In no
      event
      shall the provisions of Chapter 346 of the Texas Finance Code (which regulates
      certain revolving
      credit loan accounts and revolving triparty accounts) apply to the indebtedness
      evidenced hereby.
      Notwithstanding anything to the contrary contained herein, or in the Security
      Instrument, or in any
      of
      the Other Security Documents, it is not the intention of Lender to accelerate
      the maturity of any interest
      that has not accrued at the time of such acceleration or to collect unearned
      interest at the time of such acceleration.




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11. No
      Oral Amendments. This
      Note
      may not be modified, amended, waived, extended, changed,
      discharged or terminated orally or by any act or failure to act on the part
      of
      Borrower or Lender, but
      only
      by an agreement in writing signed by the party against whom enforcement of
      any
      modification, amendment,
      waiver, extension, change, discharge or termination is sought.




12. Assignment. Lender
      and its successors, endorsees and assigns may freely transfer and assign
      this Note. Borrower’s right to transfer its rights and obligations with respect
      to the Debt, and to be released
      from liability under this Note, shall be governed by the Security
      Instrument.




13. Applicable
      Law.,
      Jurisdiction. This
      Note
      shall be governed and construed in accordance with
      the
      laws of the state in which the real property encumbered by the Security
      Instrument is located and the
      laws
      of the United States applicable to transactions in such state. Borrower hereby
      submits to personal
      jurisdiction in the state courts located in said state and the federal courts
      of
      the United States of America
      located in said state for the enforcement of Borrower’s obligations hereunder
      and waives any and all
      personal rights under the law of any other state to object to jurisdiction
      within such state for the purposes
      of any action, suit, proceeding or litigation to enforce such obligations of
      Borrower.




14. Joint
      and Several Liability. If
      Borrower consists of more than one person or entity, the obligations and
      liabilities of each such person or entity shall be joint and
      several.




15. Waiver
      of Presentment, Etc. Borrower
      and all others who may become liable for the payment of all or any part of
      the
      Debt do hereby severally waive presentment and demand for payment, notice
      of
      dishonor, protest, notice of protest, and notice of intent to accelerate the
      maturity hereof (and of such
      acceleration), except to the extent that specific notices are required by this
      Note, the Security Instrument or the Other Security Documents.




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16. No
      Waiver. Any
      failure by Lender to insist upon strict performance by Borrower of any of
      the
      provisions of this Note, the Security Instrument or the Other Security Documents
      shall not be deemed
      to
      be a waiver of any of the terms or provisions of this Note, the Security
      Instrument or the Other Security
      Documents, and Lender shall have the right thereafter to insist upon strict
      performance by Borrower
      of any and all of the terms and provisions of this Note, the Security Instrument
      or the Other Security
      Documents.




17. Notices. Except
      as
      otherwise specified herein, any notice, consent, request or other communication
      required or permitted to be given hereunder shall be in writing, addressed
      to
      the other party
      as
      set forth below (or to such other address or person as either party or person
      entitled to notice may by
      notice
      to the other party specify), and shall be: (a) personally delivered; (b)
      delivered by Federal Express
      or other comparable overnight delivery service; or (c) transmitted by United
      States certified mail, return
      receipt requested with postage prepaid; to:




Lender:  MidFirst
      Bank, a federally chartered savings association


MidFirst
      Plaza


P.O.
      Box
      26750


Oklahoma
      City, Oklahoma 73126


Attention:
      Closing Department




Borrower: HCP
      REIT
      Operating Company IV LLC


1450
      West Sam Houston
      Pkwy, Suite 111


Houston,
      TX
      77043




Unless
      otherwise specified, all notices and other communications shall be deemed to
      have been duly given
      on
      the first to occur of actual receipt of the same or: (i) the date of delivery
      if
      personally delivered; (ii)
      one
      (1) business day after depositing the same with the delivery service if by
      overnight delivery service;
      and (iii) three (3) days following posting if transmitted by mail. Borrower
      must
      prominently display Lender’s Loan Number (set forth on page 1 of this Note) on
      all notices or communications to Lender.




18. Severability. If
      any
      term, covenant or condition of this Note is held to be invalid, illegal or
      unenforceable in any respect, this Note shall be construed without such
      provision.




19. Time
      of the Essence. Time
      shall be of the essence in the performance of all obligations of
      Borrower hereunder.




BORROWER
      AND LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
      WAIVE ANY RIGHT THEY, OR THEIR RESPECTIVE SUCCESSORS AND ASSIGNS,
      MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON THE
      LOAN
      EVIDENCED BY THIS NOTE OR ARISING OUT OF, UNDER OR IN CONNECTION WITH
      THIS
      NOTE, THE SECURITY INSTRUMENT OR ANY OF THE OTHER SECURITY DOCUMENTS,
      OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER
      VERBAL OR WRITTEN) OR ACTION OF BORROWER OR LENDER. THIS PROVISION
      IS A MATERIAL INDUCEMENT FOR LENDER’S MAKING OF THE LOAN SECURED
      BY THE SECURITY INSTRUMENT AND THE OTHER SECURITY DOCUMENTS.




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IN
      WITNESS WHEREOF, Borrower has duly executed this Promissory Note to be effective
      the day
      and
      year first above written.


“BORROWER”
                
                HCP
                  REIT Operating Company IV LLC,a
                Texas
                  limited liability companyBy:
              Hartman
                  REIT Operating Partnership, L.P.,
                a
                  Delaware limited partnership,
                its
                  Sole Member/ManagerBy:
              Hartman
                  Commercial Properties REIT,
                a
                  Maryland real estate investment trust,
                its
                  sole General PartnerBy: 
                  /s/
                  John J. Dee
                
                Name:
                    John J. DeeTitle:
                    Executive Vice
                    President