A. On September 3, 2007, the Plaintiff prepared a sales contract with the Defendant on each real estate (hereinafter collectively referred to as the “instant land”) listed in the separate sheet in the Yeonsu-gu Incheon Metropolitan City Urban Development Zone, stating that the purchase price shall be KRW 560 million, and the intermediate payment shall be KRW 300 million on the date of the contract, while the intermediate payment shall be paid KRW 200 million on October 24, 2008, and the remainder payment shall be paid KRW 60 million on October 23, 2009 (hereinafter referred to as the “instant sales contract”).

B. Meanwhile, on February 12, 2009, the real estate indicated in paragraph (5) of the attached list was divided into the area of 238 square meters in Yeonsu-gu Incheon Metropolitan City D road, E road 65 square meters in size, and F road 100 square meters in size.

C. The Defendant stated the Defendant’s seal in the down payment column of the instant sales contract, affixed the Defendant’s seal, and stated in the intermediate payment and the balance column as “Postponement until the completion of urban development” and affixed the Defendant’s seal.

On January 12, 2009, the Defendant completed the registration of transfer on September 9, 2008 with respect to the real estate listed in paragraph (2) of the attached Table No. 2 to Nonparty G on the ground of the cancellation of mutual title trust, on February 19, 2009, the registration of transfer based on the partition of co-owned property on November 14, 2008 with respect to the portion of 1/3 out of 65 square meters in Yeonsu-gu Incheon Metropolitan City E road, and on March 16, 2009 to Nonparty G on November 14, 2008, the registration of transfer based on the partition of co-owned property on November 14, 2008.

E. On February 8, 2013, the Defendant completed the registration of creation of a mortgage over each maximum debt amount of KRW 2.5 billion (hereinafter “registration of creation of a mortgage over the instant case”) with respect to the real estate listed in the attached Tables 1 and 4 as well as the land and the road of KRW 238 square meters in Yeonsu-gu Incheon, Yeonsu-gu, Seoul.

[Ground of recognition] Facts without dispute, entry of Gap evidence 1 through 4 (including each number; hereinafter the same shall apply) and the purport of the whole pleadings

2. The parties' arguments and the issues of this case

A. The Plaintiff completed an urban development project within two to three years.