What is the Bath Tune Up Existing Franchisee transferring to the New Franchisee regarding property?

NOW, THEREFORE, in consideration of the foregoing and of the covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:

• 1. Existing Franchisee shall transfer the Franchise to New Franchisee on or about (Transfer Date) subject to the provisions of paragraph 3, below, and paragraph 9.2 of the Franchise Agreement.
• 1. Existing Franchisee will transfer physical possession of the Confidential Operating Manual (Manual) to Franchisor and to New Franchisee of all items required by the Franchise Agreement, including, without limitation, (i) all books, manuals, financial records, receipts, invoices, and documents relating to the Franchised Business; and (ii) all other documents, property and other objects containing Franchisor's Marks. New Franchisee has reviewed the Manual and agrees that the Confidential Operating Manual shall apply fully to its operation of the Franchised Business. New Franchisee agrees to abide by all other manuals and guidelines, present and future, of Franchisor, including, but not limited to, those pertaining to advertising.
• 1. If New Franchisee has not already done so to the satisfaction of Franchisor, New Franchisee shall comply with the training requirements set forth in the Franchise Agreement by attending the next available training program offered by Franchisor for new franchisees.
• 1. Concurrently upon the Transfer Date New Franchisee shall become a franchisee of Franchisor under the Franchise Agreement and Existing Franchisee shall immediately cease operating under the Franchise Agreement. Existing Franchisee shall thereupon comply with all provisions in the Franchise Agreement concerning termination set forth in Article 12 thereof, including, but not limited to, ceasing all use of the Marks of Franchisor.
• 1. As between Existing Franchisee and Franchisor, and with the exception of the rights and obligations set forth in Article 12 of the Franchise Agreement (which is incorporated herein by reference), the franchise relationship created by the Franchise Agreement is hereby terminated and superseded by this Consent and Assumption and in all respects having been assumed by New Franchisee as of the Transfer Date. Existing Franchisee hereby waives all rights to relief from forfeiture under §1179 of the California Code of Civil Procedure and acknowledges that there is no subsisting franchise agreement between Franchisor and existing Franchisee.

Source: Item 22 — CONTRACTS (FDD page 52)