In response to an increasing interest in experiments conducted at deep underground facilities around the world and in particular, in Lead, South Dakota, the theory community has proposed a new initiative - a Center for Theoretical Underground Physics and Related Areas (CETUP*). The mission of the CETUP* is to promote an organized research in physics, astrophysics, geoscience, geomicrobiology and other fields related to the underground science via individual and collaborative research in a dynamic atmosphere of intense scientific interactions. Our main goal is to bring together scientists scattered around the world, promote the deep underground science and provide a stimulating environment for creative thinking and open communication between researches of varying ages and nationalities. The second CETUP* program took place on July 10 - August 1, 2012 in Lead/Deadwood, South Dakota. The three-week-long program focused on Dark matter, neutrino phenomenology and model-building as well as tests of grand unification.