Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 88

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 88
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 any of its rights or powers under the indenture unless the trustee receives indemnity satisfactory
to it against any cost, liability or expense that might be incurred by it in performing such duty or exercising such right or power.
Subject to certain rights of the trustee, the holders of a majority in principal amount of the outstanding debt securities of any series
will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee or exercising
any trust or power conferred on the trustee with respect to the debt securities of that series.

No holder of any debt security of any series
will have any right to institute any proceeding, judicial or otherwise, with respect to the indenture or for the appointment of a receiver
or trustee, or for any remedy under the indenture, unless:

| · | that holder has previously given to the trustee written                                 
 notice of a continuing Event of Default with respect to debt securities of that series; |

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| · | the holders of not less than 25% in principal amount                                                                                    
 of the outstanding debt securities have made written request to the trustee to institute proceedings in respect of such Event of        
 Default in its own name as trustee;                                                                                                     |
| · | such holder or holders have offered to the trustee                                                                                      
 indemnity or security reasonably satisfactory to the trustee against the costs, claims, expenses and liabilities that might be incurred 
 by the trustee in compliance with such request;                                                                                         |
| · | the trustee for 60 days after its receipt of such notice,                                                                               
 request and offer of indemnity has failed to institute any such proceeding; and                                                         |
| · | no direction inconsistent with such written request                                                                                     
 has been given to the trustee during such 60-day period by the holders of a majority in principal amount of the outstanding debt        
 securities.                                                                                                                             |

Notwithstanding any other provision in the indenture,
the holder of any debt security will have an absolute and unconditional right to receive payment of the principal of, and any premium
and interest on, that debt security on or after the due dates expressed in that debt security and to institute suit for the enforcement
of payment.

The indenture requires us, within 120 days after
the end of our fiscal year, to furnish to the trustee a statement as to compliance with the indenture. If a Default or Event of Default
occurs and is continuing with respect to the securities of any series and if a responsible officer of the trustee has written notice