The appellant purchased commercial land from the respondent and granted a Vendor Take Back Mortgage.
The mortgage contained a provision making it due and payable five days after the appellant obtained a shoring and excavation permit, and another provision allowing for prepayment on specific dates.
The permit was issued on January 10, making the mortgage due on January 15.
The appellant attempted to exercise the prepayment option on January 15.
The Court of Appeal upheld the application judge's finding that because the mortgage had matured and become due and payable on January 15, it could not be prepaid on that date.
