Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 91

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 91
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 behalf of the holders of all
debt securities of that series waive our compliance with provisions of the indenture. The holders of a majority in principal amount of
the outstanding debt securities of any series may on behalf of the holders of all of the debt securities of such series waive any past
default under the indenture with respect to that series and its consequences, except a default in the payment of the principal of, or
any premium or interest on, any debt security of that series; provided, however, that the holders of a majority in principal amount of
the outstanding debt securities of any series may rescind an acceleration and its consequences, including any related payment default
that resulted from the acceleration.

Regarding the Trustee

Unless otherwise specified in a prospectus supplement,
Argent Institutional Trust Company will initially act as the trustee for the debt securities, subject to replacement at our option as
provided in the indenture. If an Event of Default occurs and is continuing, the trustee will be required to use the same degree of care
and skill a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. The trustee
will become obligated to exercise any of its powers under the indenture at the request of any of the holders of the required percentage
under the indenture only after those holders have offered, and, if requested, provided the trustee indemnity satisfactory to it.

The indenture and provisions of the Trust Indenture
Act that are incorporated by reference therein contain limitations on the rights of the trustee, should it become one of our creditors,
to obtain payment of claims in certain cases or to realize on certain property received by it in respect of any such claim as security
or otherwise. The trustee is permitted to engage in other transactions with us or any of our affiliates; provided, however, that if it
acquires any conflicting interest (as defined in the indenture or in the Trust Indenture Act), it must eliminate such conflict or resign.

Defeasance of Debt Securities and Certain Covenants in Certain Circumstances

Legal Defeasance

The indenture provides that, unless otherwise
provided by the terms of the applicable series of debt securities, we may be discharged from any and all obligations in respect of the
debt securities of any series (subject to certain exceptions). We will be so discharged upon the deposit with the trustee, in trust,
of money and/or U.S. government obligations or, in the case of debt securities denominated in a single