Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 34

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 34
---
ovenants in the indenture described in the section entitled “Description of Debt Securities – Consolidation, 
 Merger and Sale of Assets;”                                                                                                      |
| · | to provide for book-entry debt securities in addition to or in place of certificated debt securities;                            |

| · | to surrender any of our rights or powers under the indenture; |

| · | to add covenants or Events of Default for the benefit 
 of the holders of debt securities of any series;      |

| · | to comply with the applicable procedures of the applicable 
 Depositary;                                                |

| · | to make any change that does not adversely affect the 
 rights of any holder of debt securities;              |

| · | to provide for the issuance of and establish the form                                    
 and terms and conditions of debt securities of any series as permitted by the indenture; |

| · | to effect the appointment of a successor trustee with                                                                                    
 respect to the debt securities of any series and to add to or change any of the provisions of the indenture to provide for or facilitate 
 administration by more than one trustee;                                                                                                 |

| · | to comply with requirements of the SEC in order to                                   
 effect or maintain the qualification of the indenture under the Trust Indenture Act; |

| · | to reflect the release of a guarantor of the debt securities 
 in accordance with the terms of the indenture; or            |

| · | to add guarantors with respect to any or all of the                               
 debt securities or to secure any or all of the debt securities or the guarantees. |

<div align='center'>21</div>

We may also modify and amend the indenture with
the consent of the holders of at least a majority in principal amount of the outstanding debt securities of each series affected by the
modifications or amendments. We may not make any modification or amendment without the consent of the holders of each affected debt security
then outstanding if that amendment will:

| · | reduce the principal amount of debt securities whose        
 holders must consent to an amendment, supplement or waiver; |

| · | reduce the rate of or extend the time for payment of        
 interest (including default interest) on any debt security; |

| · | reduce the principal of or premium, if any, on or change                                                                         
 the fixed maturity of any debt security or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund 
 or analogous obligation with respect to any series of debt securities;                                                           |

|