A Vendor May Stipulate a Higher Rate of Interest Apply if Default Occurs on the Part of the Purchaser #7
By Gerry NeelyB.A. LL.B. Occasionally, a vendor who has agreed to carry part of the sale price on a mortgage, agrees to take a lower rate of interest than the current rate, because the remaining terms of the sale justify that decision. On the other hand, the vendor does not want the lower rate to …