1. The judgment of the court of first instance is modified as follows.

All of the plaintiffs' primary claims are dismissed.

B. The defendant

1. Facts of recognition;

A. The Defendant is an organization organized to establish a regional housing association in order to build and sell apartment buildings with approximately 630 households of regional housing associations on approximately 31,894 square meters in Busan Shipping Daegu, Busan Metropolitan City, for the purpose of establishing a regional housing association (hereinafter “instant project”).

B. As shown in the attached list, the Plaintiffs joined the regional housing association that the Defendant intends to establish and paid the share of expenses for the instant project as a member of the regional housing association, and entered into a contract to purchase an apartment unit to be newly constructed as the instant project (hereinafter “instant subscription agreement”), and received the following safe guarantee certificates from the Defendant’s representative:

(hereinafter referred to as the “instant arrangement”). The National Housing Association of the Area E of the Security Certificates (A) guarantees that all of the amounts included in the down payment and business promotion expenses paid shall be returned to the following members in the case of items 1 and 2, limited to the following members:

1. Where it fails to file an application for authorization for establishment within one year from the inaugural general meeting;

2. Where it is impracticable to recommend a group of enterprises (based on the Government Procurement Service) at the time of the selection of the inaugural general meeting, provided that the certificate of this guarantee applies in accordance with the bylaws of the Association (hereinafter referred to as the “proviso of this Agreement”) at the time of termination or cancellation due to the simple change of the insured and the problems of qualification requirements, etc. of the members shall take precedence over the subscription contract entered into by the members of the National Housing Association (tentative

C. According to the accession agreement of this case, Plaintiff A paid KRW 61 million (including business promotion expenses of KRW 15 million) out of the estimated contributions of KRW 472,760,000, and Plaintiff B paid KRW 61 million out of the estimated contributions of KRW 465,710,000 (including business promotion expenses of KRW 15 million), Plaintiff C and D respectively, of KRW 465,710,000 among the estimated contributions of KRW 465,710,000 (including business promotion expenses of KRW 15 million).

The defendant held the inaugural general meeting on September 20, 2017, and one year thereafter.