Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 90

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 90
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 securities or to secure any or all of the debt securities or the guarantees. |

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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;                                                           |

| · | reduce the principal amount of discount securities 
 payable upon acceleration of maturity;             |

| · | waive a Default or Event of Default in the payment                                                                                
 of the principal of, or any premium or interest on, any debt security (except a rescission of acceleration of the debt securities 
 of any series by the holders of at least a majority in aggregate principal amount of the then-outstanding debt securities of that 
 series and a waiver of the payment default that resulted from such acceleration);                                                 |

| · | make the principal of, or any premium or interest on,                                  
 any debt security payable in any currency other than that stated in the debt security; |

| · | make any change to certain provisions of the indenture                                                                             
 relating to, among other things, the right of holders of debt securities to receive payment of the principal of, or any premium or 
 interest on, those debt securities and to institute suit for the enforcement of any such payment and to waivers or amendments;     |

| · | waive a redemption payment with respect to any debt               
 security, provided that such redemption is made at our option; or |

| · | if the debt securities of that series are entitled                                                                                  
 to the benefit of a guarantee, release any guarantor of such series other than as provided in the indenture or modify the guarantee 
 in any manner adverse to the holders.                                                                                               |

Except for certain specified provisions, the
holders of at least a majority in principal amount of the outstanding debt securities of any series may on