Does the Pump It Up FDD include a Guaranty and Assumption of Obligations agreement as an exhibit?
Pump_It_Up Franchise · 2025 FDDAnswer from 2025 FDD Document
If we are required to enforce this Guaranty in a judicial proceeding, and prevail in such proceeding, we will be entitled to reimbursement of our costs and expenses, including, but not limited to, reasonable accountants', attorneys', attorneys' assistants', and expert witness fees, costs of investigation and proof of facts, court costs, other litigation expenses, and travel and living expenses, whether incurred prior to, in preparation for, or in contemplation of the filing of any such proceeding. If we are required to engage legal counsel in connection with any failure by the undersigned to comply with this Guaranty (including the use of in-house counsel), the undersigned will reimburse us for any of the above-listed costs and expenses we incur.
Each of the undersigned agrees that all actions arising under this Guaranty or the Agreement, or otherwise as a result of the relationship between us and the undersigned, must be commenced in a state or federal court of competent jurisdiction in the state or judicial district in which we have our principal place of business at the time the action is commenced. Such location for our principal place of business as of the date of execution of this Guaranty is Phoenix, Arizona, and the only courts through which any action may be brought are the Superior Court of the State of Arizona, Maricopa County or the United States District Court for the District of Arizona, located in Phoenix. Each of the undersigned irrevocably submits to the jurisdiction of these courts and waives any objection they might have to either the jurisdiction of or venue in those courts. Nonetheless, each of the undersigned agrees that we may also enforce this Guaranty and judgment orders in the courts of the state or states in which they are domiciled
IN WITNESS WHEREOF, each of the undersigned has affixed their signature on the same day and year as the Agreement was executed:
Address Address Address Address GUARANTOR(S)
EXHIBIT 6 TO THE PUMP IT UP FRANCHISE AGREEMENT
LISTING ASSIGNMENT AGREEMENT
Source: Item 22 — CONTRACTS (FDD page 59)
What This Means (2025 FDD)
Yes, according to the 2025 Pump It Up FDD, a Guaranty and Assumption of Obligations agreement is included as Exhibit 5 to the franchise agreement. This agreement is significant because it outlines the terms under which a guarantor, typically an owner or affiliate, agrees to be responsible for the franchisee's obligations to Pump It Up.
The Guaranty and Assumption of Obligations agreement specifies that if Pump It Up has to enforce the guaranty in court and wins, the guarantor will cover all of Pump It Up's costs. These costs include reasonable fees for accountants, attorneys, assistants, and expert witnesses, as well as investigation costs, court costs, and travel expenses. This also applies if Pump It Up needs to hire a lawyer because the guarantor isn't following the guaranty, even if it's their in-house counsel.
The agreement also states that any legal actions related to the guaranty or franchise agreement must take place in Arizona, specifically in the Superior Court of the State of Arizona, Maricopa County, or the United States District Court for the District of Arizona, located in Phoenix. The guarantor agrees to the jurisdiction of these courts and waives any objections to the location. However, Pump It Up can still enforce the guaranty and court orders in the guarantor's home state.