An exercise device includes a first frame, a second frame that is pivotally connected to the first frame and movable relative to the first frame between a storage position and an operating position, and a latching mechanism that selectively holds the second frame in the storage position. The latching mechanism includes a seat having a seat engagement surface, a seat engagement member selectively positioned on the seat engagement surface to hold the second frame in the storage position, and a lever that selectively rotates the seat engagement member off of the seat to allow the second frame to move from the storage position to the operating position.