Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 30

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 30
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 System. Each global debt security representing book-entry debt securities will be
deposited with, or on behalf of, the Depositary, and registered in the name of the Depositary or a nominee of the Depositary. Please
see the section entitled “Book-Entry Securities.”

Covenants

Any restrictive covenants applicable to any issue
of debt securities will be set forth in the applicable prospectus supplement.

No Protection in the Event of a Change of Control

Unless stated otherwise in the applicable prospectus
supplement, the debt securities will not contain any provisions that may afford holders of the debt securities protection in the event
we have a change in control or in the event of a highly leveraged transaction (whether or not such transaction results in a change in
control) that could adversely affect holders of debt securities.

Consolidation, Merger and Sale of Assets

We may not consolidate with or merge with or
into, or convey, transfer or lease all or substantially all of our properties and assets to any person (a “successor person”)
unless:

| · | we are the surviving person or the successor person                                                                                  
 (if anyone other than us) is an entity organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly 
 assumes our obligations on the debt securities and under the indenture; and                                                          |

| · | immediately after giving effect to the transaction,                    
 no Default or Event of Default, shall have occurred and be continuing. |

Notwithstanding the above, any of our subsidiaries
may consolidate with, merge into or transfer all or part of its properties to us.

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Guarantees

Unless otherwise described in the applicable
prospectus supplement, the debt securities issued by us will be fully and unconditionally guaranteed by IIP. If a series of debt securities
is so guaranteed, an indenture, a supplemental indenture thereto, and/or a notation of guarantee will be executed by the guarantor. The
obligations of the guarantor under the guarantee will be limited as necessary to prevent that guarantee from constituting a fraudulent
conveyance under applicable law. The terms of the guarantee will be set forth in the applicable prospectus supplement.

Events of Default

“Default” means any event which is,
or after notice or passage of time or both would be, an Event of Default.

“Event of Default” means with respect
to any series of debt securities, the occurrence of any of the