Immediately, a contract of sale was executed with the mortgagee as vendor and the mortgagor as vendee.
The bankruptcy proceedings were commenced by the vendee, not a third party.
British Dictionary definitions for vendee
(mainly law) a person to whom something, esp real property, is sold; buyer
a department of W France, in Pays-de-la-Loire region: scene of the Wars of the Vendée, a series of peasant-royalist insurrections (1793–95) against the Revolutionary government. Capital: La Roche-sur-Yon. Pop: 565 230 (2003 est). Area: 7016 sq km (2709 sq miles)