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i ..ev., _ ._.s � „�,.�,• ..�.�.:.°� ��:�;-- � t" '�'��`:'-'� - - - - - - - - - Jfx' -�f =_ `_ - ='� --_ _�..= 99' ��oas4 7, REI,BASE ON FULL PERFORMANCE Upon payrnent of all of the indebtedntss under the Note and Gueranty,Mortgagee shall axecute and deliva to Mortgagor a suitablc sadsfaction of this Mortgagc and suitn�le statcments uf termination of any financing statement on fil�. � __ 8. DEFAULT The following shall constitute events of default: (a) Failure of'Mortgagor to make any payment under the Note as and when due;after notice provided for in the Note; (b) Dissolution, temunation of existence, or business fuilure of Mortgagor; the commencement by Mortgegor of a voluntary case under the federal bankniptcy laws or under - any other federal or state laws relating to insolvency or debtor's rclief which is not discharged w:ithin sixty(60)days;the appointment or the consent by the Mortgagor to the appointment of a receiver,trustee�r cu.,�todian of Mortgagor or of any of Mortgagor's property;an essignment for the benefit of cndixors by Mortgagor;the making or suffering by Mortgagor of a fraudulent transfer under applicable fede�al or state law;concealment by Mortgagor of any of its pmperty in fraud af creditnrs;the making or suffering by Mortgagor af a prefennce within the meaning of the federal bankruptcy law;or the imposition of a lien through kgal proceaiings or distraint upAn any of the roperty of Mortgagor which is not discharged or stayed or bonded in the mancxr permitted by Section 3.2 abcrve; (c) Failure of Mortgagor to pGrform any other obligation under this Mortgage,the Note and Security Agreement within twenty(20}days after writt�n notice thereof fmm Mortgaga; and (d) Ternunation or default of the Franchise Agreement by and between Wendy's Internadonal,Inc.,and Toukan Management,I..L.C. (e)Termination or default of tha.t certain Security Agrament by and lxtwecn Toukan Man�agement,L.L.C.,and Mortga�cC dated of even date herewith. 9. RIGHTS AND REMEDIES ON llEFAULT 9.1 $�sli�, Upon the occurnnce of any ovent of default and after the�xpiration of any applicable grace period,and at any time thec�eafter,Mortgagee may exercise any one or more of the following rights and remedies: (a) Mortgagee may declare one hundred percent(100%)of the then outstanding principal and interest of the Note and all Section 1�.0�indebtedness heccunder immediately due and payable; _i `� � : � : -��;-. .. ,x °. �"""r'__'�:'r.�..�!�.- ' - . .. .�. - "- _ „-J- ^�• . - � r.. __ r.': _ ..,l��'�,^ .. . . - -.._ _- . . . . ��. ., . . .,.... ;i . •. . . :. . .. n... . . . ...,.�� , ._ . _ . . . . ,- � .� .. �.�.4� � • _ . _ __ ._ _'. . . _ _ _ _ __. _ _'_-_ " _ __ __ - _ _ - -_ . .. � . . ... ...-. . .___' _ __. _ ... .�_ ". ..___. __ ._ _"____- ..__.. . �..`_.—. "" .. ...... __...___. "__ _._. .. ___'_. " � � � . � . . � .. � � ' ' �. �_ . . . .'..