On April 22, 2004, the Korea Land Corporation entered into the treatment Construction Co., Ltd., Sambu Co., Ltd. and Malaam Construction Co., Ltd. and the Project Agreement (hereinafter “instant Project Agreement”) with the aim of developing the Convention Center in the Daejeon X-K International Exhibition Zone.

On June 8, 2004, pursuant to the instant project agreement, the Plaintiff was established as a “project company” jointly invested by the said contracting parties.

On December 23, 2011, pursuant to the above development project agreement, the Plaintiff received the registration of ownership transfer from the Korea Land Corporation for the area of 4-30 11,149 m2 (hereinafter “instant land”).

(1) Under Article 25(1) and attached Table 5 of the Enforcement Rule of the Tourism Promotion Act, the Defendant should build hotel rooms with at least two different classes and at least two hundred guest rooms in accordance with the criteria for classification of hotel businesses pursuant to Article 25(1) and attached Table 5 of the instant sales contract.

(5) Where it is impossible to construct a hotel within the given period due to circumstances, the defendant shall gratuitously return the site to the plaintiff or transfer it to the person designated by the plaintiff, in consultation with the plaintiff.

Article 6 (Restriction on Resale, etc.) (1) The Defendant shall use the instant land as prescribed in Article 4, and shall not sell the instant land to a third party without the Plaintiff’s consent before completion of the building and obtaining approval for use under the Building Act.

Article 7 (Cancellation of Contract and Restoration to Original State) (1) When any of the following grounds arises to the defendant, the plaintiff may cancel the contract after giving written notice to the defendant for a period of not less than seven days:

1. Where the defendant fails to perform his/her duty to use the designated purpose under Article 4 (3) when the plaintiff cancels this contract pursuant to paragraphs (1) and (2), the defendant shall be liable and borne by the defendant.