Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 87

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 87
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 in the applicable prospectus supplement. |

No Event of Default with respect to a particular
series of debt securities (except as to certain events of bankruptcy, insolvency or reorganization) necessarily constitutes an Event
of Default with respect to any other series of debt securities. The occurrence of certain Events of Default or an acceleration under
the indenture may constitute an event of default under certain indebtedness of ours or our subsidiaries outstanding from time to time.

If an Event of Default with respect to debt securities
of any series at the time outstanding occurs and is continuing, then in every such case the trustee or the holders of not less than 25%
in principal amount of the outstanding debt securities of that series may declare the principal amount (or, if any securities of that
series are discount securities, such portion of the principal amount as may be specified in the terms of such debt securities) of and
accrued and unpaid interest, if any, on all of the debt securities of that series to be due and payable immediately, by a notice in writing
to us (and to the trustee if given by holders), and upon any such declaration such principal amount (or specified amount) and accrued
and unpaid interest, if any, will become immediately due and payable. In the case of an Event of Default resulting from certain events
of bankruptcy, insolvency or reorganization, the principal amount (or such specified amount) of and accrued and unpaid interest, if any,
on all outstanding debt securities will become and be immediately due and payable without any declaration or other act on the part of
the trustee or any holder of outstanding debt securities. At any time after a declaration of acceleration with respect to debt securities
of any series has been made and before a judgment or decree for payment of the money due has been obtained by the trustee, the holders
of a majority in principal amount of the outstanding debt securities of that series, by notice in writing to us and the trustee, may
rescind and annul the acceleration if all Events of Default, other than the non-payment of accelerated principal and interest, if any,
with respect to debt securities of that series, have been cured or waived as provided in the indenture. We refer you to the prospectus
supplement relating to any series of debt securities that are discount securities for the particular provisions relating to acceleration
of a portion of the principal amount of such discount securities upon the occurrence of an Event of Default.

The indenture provides that the trustee will
be under no obligation to exercise