A. On January 24, 2017, the Plaintiff entered into a business agreement with the Defendant on the following: (a) the Plaintiff provided the Plaintiff’s land in Seocheon-si C (hereinafter “instant land”); (b) the Defendant newly constructed and sold a building on the instant land; and (c) the Defendant shall pay the Plaintiff KRW 140 million with the financial loans at the time of completion of construction; and (d) the Plaintiff shall pay the Plaintiff KRW 141,000,000 with the sales price after parcelling-out.

B. On May 26, 2017, the Defendant newly constructed a building on the instant land, and completed registration of initial ownership in the Defendant’s name on May 26, 2017. On the same day, the Defendant changed the registration of initial ownership to the Defendant’s name on the ground of the registration of initial establishment of a neighboring mortgage-holder, the mortgagee-mortgaged association, and the obligor E (a person who transferred the business to the Defendant while conducting new construction and sale of a building with the loan of the instant land as collateral) as a joint collateral, and added the said building as a joint collateral.

1. The purchase price of the instant land shall be KRW 280,000,000.

2. The methods of paying the land price shall be as follows:

(1) The primary 140,000,000 won shall be paid preferentially from the loans to financial institutions (F Bank).

(2) Any balance of 140,000,000 won shall be paid from the income of sale in units, lease, etc., and the payment deadline shall be paid within 12 months from the date of the first payment.

③ The Defendant shall pay the Plaintiff the interest on the last day of each month at a rate of 7.2% per annum until the payment is completed for the remainder of KRW 140,000,000.

3. The interest rate of KRW 280,000,000 shall be paid at the rate of 12% per annum from May 1, 2017 to August 31, 2017.

4. The defendant shall pay to the plaintiff KRW 280,000,000 for the payment period of KRW 1 year, which shall be paid to the plaintiff.

(1) If the aforesaid promissory note is repaid KRW 140,00,000 at a financial institution in accordance with the contents of Article 2, the balance shall be paid within one year pursuant to the provisions of Article 2.

(2) The primary fund is not implemented by a financial institution.