What is the condition for the Big Air Trampoline Park franchisee to purchase or lease real property?

payment of a $5,000 extension fee ("Extension Fee").

• 8.3 Franchisee shall complete the construction of Franchisee's Big Air Trampoline Facility, and shall maintain the Big Air Trampoline Facility, in accordance with the following requirements:
  • (a) Franchisee shall, at Franchisee's sole cost and expense, complete the interior build-out and install all equipment, furniture, fixtures, and security cameras as specified by Franchisor in the Operations Manual, and required by this Agreement.
  • (b) Franchisee may purchase or lease the required real property and improvements from any source upon terms approved by Franchisor in writing. Franchisee must obtain Franchisor's approval regarding location of the Big Air Trampoline Facility within 180 days of the execution of this Agreement. If Franchisee does not obtain approval from Franchisor of the site, which may be withheld in Franchisor's sole discretion, within 180 days after the effective date of the Franchise Agreement, Franchisor may elect to terminate this Agreement in Franchisor's sole discretion. Franchisee must deliver to Franchisor any traffic, competition and demographic or similar location information relating to any proposed site that Franchisor reasonably requests for review at least 20 days before any proposed Lease signing date. Franchisee must deliver to Franchisor, within 60 days of Franchisor approving the site, a copy of the proposed Lease, in a form acceptable to Franchisor, and such Lease must incorporate the terms of the Lease Addendum attached to this Agreement as Attachment F. Notwithstanding anything herein to the contrary, Franchisor may, in its sole discretion, extend the time periods set forth in this Section 8.3(b).
  • (c) Subject to the terms of this Section, Franchisee must at all times comply with Franchisor's standards, specifications, processes, procedures, requirements and instructions regarding the Big Air Trampoline Facility's physical facilities, including the layout of the equipment, furnishings, fixtures, and activity, party, and waiting rooms. Franchisee must maintain the Big Air Trampoline Facility and any parking areas in good and safe condition, as specified in the Operations Manual. During the third calendar year following the opening of the Big Air Trampoline Facility, Franchisee must remodel or upgrade the Big Air Trampoline

Facility at Franchisee's sole cost and expenses in accordance with Franchisor's standards as set forth in the Operations Manual, which Franchisor has the right to modify at any time. Franchisee must upgrade the Computer System at Franchisee's sole cost and expenses in accordance with Franchisor's standards as set forth in the Operations Manual, which may be modified by Franchisor at any time in Franchisor's discretion.

• (d) Franchisee shall apply for all required operating permits and licenses within 120 days after Franchisee signs the Lease for the Big Air Trampoline Facility.

Source: Item 23 — RECEIPT (FDD pages 53–255)