Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 33

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 33
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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
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 c