Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 35

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 35
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 · | 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 behalf of the holders of all
debt securities of that series waive our compliance with provisions of the indenture. The holders of a majority in principal amount of
the outstanding debt securities of any series may on behalf of the holders of all of the debt securities of such series waive any past
default under the indenture with respect to that series and its consequences, except a default in the payment of the principal of, or
any premium or interest on, any debt security of that series; provided, however, that the holders of a majority in principal amount of
the outstanding debt securities of any series may rescind an acceleration and its consequences, including any related payment default
that resulted from the acceleration.

Regarding the Trustee

Unless otherwise specified in a prospectus supplement,
Argent Institutional Trust Company will initially act as the trustee for the debt securities, subject to replacement at our option as
provided in the indenture. If an Event of Default occurs and is continuing, the trustee will be required to use the