According to the 2025 Pump It Up Franchise Disclosure Document, Exhibit 2 to the Pump It Up Franchise Agreement contains the form of Collateral Assignment of Lease. This exhibit is referenced in Item 23, which discusses receipts related to the franchise agreement.

The Collateral Assignment of Lease is a crucial document that allows Pump It Up, as the franchisor, to assume the franchisee's lease under certain circumstances, such as a default by the franchisee. This provides Pump It Up with a mechanism to maintain control over the location of the franchise and continue operations if the franchisee is unable to meet their obligations.

For a prospective Pump It Up franchisee, understanding the terms of the Collateral Assignment of Lease is essential. It outlines the conditions under which the franchisor can take over the lease and the franchisee's rights and obligations in such a scenario. Franchisees should carefully review Exhibit 2 and discuss any concerns with legal counsel to fully understand the implications of this agreement.