1. All of the plaintiffs' claims are dismissed.

2. The costs of lawsuit are assessed against the plaintiffs.

1. Basic facts

A. On November 15, 2005, the Plaintiff Pappy Co., Ltd. (hereinafter “Plaintiff Pappy”) concluded a sales contract with the Defendant to purchase KRW 2,412 square meters (7.30 square meters) from the purchase price (hereinafter “instant real estate”) for KRW 7.9 million (hereinafter “instant sales contract”).

B. The plaintiff Pacific paid the defendant a total of KRW 270 million on November 7, 2005, KRW 160 million on December 15, 2005, KRW 40 million on December 16, 2005, and KRW 270 million on January 19, 2006.

C. On September 8, 2005, Plaintiff A and three others entered into a contract with the Defendant to purchase approximately KRW 1,422 square meters ( approximately 4.30 square meters) out of the instant real estate with the purchase price of KRW 4,30,000 (hereinafter “instant secondary sales contract”).

Plaintiff

A paid to the Defendant a total of KRW 120 million on September 8, 2005, KRW 61.5 million on September 14, 2005, KRW 18.5 million on September 14, 2005, and KRW 1.2 million on February 15, 2006.

E. On March 2013, the Plaintiffs and the Defendant agreed to cancel the sales contract of the instant Nos. 1 and 2 as follows (hereinafter “instant agreement”).

The Defendant and the Plaintiffs, who are the buyers, are the buyers, shall cancel each contract for the first and second sales of this case, and agree as follows with regard to the return of the purchase price.

The Defendant, a seller, established the establishment registration of a neighboring mortgage with the maximum debt amount of KRW 500 million and the maximum debt amount of KRW 200 million to the Plaintiffs, who are the buyers of the instant real estate, in the second order. The Plaintiffs should immediately cancel the said right to collateral security when dividends are paid after the sale of the instant real estate.

The real estate of this case is sold with permission for development activities from the defendant's responsibility, and the sale price shall be distributed according to the ratio of the area first purchased by the plaintiffs.

The lowest sale price shall be KRW 110,000 per square meter on the basis of real estate which has completed development activities.