Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 31

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 31
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 following events, unless otherwise provided by resolution of the board
of directors of IIP, supplemental indenture or officer’s certificate:

| · | a default in the payment of any interest upon any debt                                                                              
 security of that series when it becomes due and payable, and continuance of such default for a period of 90 days (unless the entire 
 amount of the payment is deposited by us with the trustee or with a paying agent prior to the expiration of the 90-day period);     |

| · | a default in the payment of principal of any debt security 
 of that series at its maturity;                            |

| · | a default in the performance or breach of any covenant                                                                                     
 or warranty by us in the debt security of that series or the indenture (other than defaults pursuant to the first or second bullet         
 of this paragraph or pursuant to a covenant or warranty that has been included in the indenture solely for the benefit of a series         
 of debt securities other than that series), which default continues uncured for a period of 90 days after we receive written notice        
 from the trustee or we and the trustee receive written notice from the holders of not less than 25% in principal amount of the outstanding 
 debt securities of that series as provided in the indenture;                                                                               |

| · | certain voluntary or involuntary events of bankruptcy,   
 insolvency or reorganization of us or any guarantor; and |

| · | any other Event of Default provided with respect to                                       
 debt securities of that series that is described 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