Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 39

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 39
---
 and payable) or to the maturity date or redemption date, as the case           
 may be;                                                                                                                                      |

| · | we have paid or caused to be paid all other sums payable 
 under the indenture by us; and                           |

| · | we have delivered to the trustee an officer’s                                                                                                
 certificate and an opinion of counsel, each stating that all conditions precedent provided for in the indenture relating to the satisfaction 
 and discharge of the indenture have been complied with.                                                                                      |

No Personal Liability of Directors, Officers, Employees or Stockholders

No director, officer, employee, or stockholder
will have any liability for any of our obligations under the debt securities, the indenture, any guarantees or for any claim based on,
in respect of, or by reason of, such obligations or their creation. Each holder of debt securities by accepting a note waives and releases
all such liability.

The waiver and release are part of the consideration
for issuance of the debt securities. The waiver may not be effective to waive liabilities under the federal securities laws.

Governing Law

The indenture, the debt securities, and any guarantees
will be governed by, and construed in accordance with, the laws of the State of New York.

<div align='center'>BOOK-ENTRY SECURITIES</div>

The securities offered by means of this prospectus
may be issued in whole or in part in book-entry form, meaning that beneficial owners of the securities will not receive certificates
representing their ownership interests in the securities, except in the event the book-entry system for the securities is discontinued.
Securities issued in book entry form will be evidenced by one or more global securities that will be deposited with, or on behalf of,
a depositary identified in the applicable prospectus supplement relating to the securities. We expect that The Depository Trust Company
will serve as depositary. Unless and until it is exchanged in whole or in part for the individual securities represented by that security,
a global security may not be transferred except as a whole by the depositary for the global security to a nominee of that depositary
or by a nominee of that depositary to that depositary or another nominee of that depositary or by the depositary or any nominee of that
depositary to a successor depositary or a nominee of that successor. Global securities may be issued in either registered or bearer form
and in either temporary or permanent form. The specific terms of the depositary arrangement with respect to a class or series of securities
that