Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 89

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 89
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from the Company or a holder as to such Default or Event of Default, the trustee shall mail to each holder of the securities of that
series notice of a Default or Event of Default within 90 days after it occurs or, if later, after a responsible officer of the trustee
has written notice from the Company or a holder as to such Default or Event of Default. The indenture provides that the trustee may withhold
notice to the holders of debt securities of any series of any Default or Event of Default (except in payment on any debt securities of
that series) with respect to debt securities of that series if the trustee determines in good faith that withholding notice is in the
interest of the holders of those debt securities.

Modification and Waiver

We and the trustee may modify, amend or supplement
the indenture or the debt securities of any series without the consent of any holder of any debt security:

| · | to cure any ambiguity, defect or inconsistency; |

| · | to comply with the covenants in the indenture described in the section entitled “Description of Debt Securities – Consolidation, 
 Merger and Sale of Assets;”                                                                                                      |
| · | to provide for book-entry debt securities in addition to or in place of certificated debt securities;                            |

| · | to surrender any of our rights or powers under the indenture; |

| · | to add covenants or Events of Default for the benefit 
 of the holders of debt securities of any series;      |

| · | to comply with the applicable procedures of the applicable 
 Depositary;                                                |

| · | to make any change that does not adversely affect the 
 rights of any holder of debt securities;              |

| · | to provide for the issuance of and establish the form                                    
 and terms and conditions of debt securities of any series as permitted by the indenture; |

| · | to effect the appointment of a successor trustee with                                                                                    
 respect to the debt securities of any series and to add to or change any of the provisions of the indenture to provide for or facilitate 
 administration by more than one trustee;                                                                                                 |

| · | to comply with requirements of the SEC in order to                                   
 effect or maintain the qualification of the indenture under the Trust Indenture Act; |

| · | to reflect the release of a guarantor of the debt securities 
 in accordance with the terms of the indenture; or            |

| · | to add guarantors with respect to any or all of the                               
 debt