1. The Defendant (Counterclaim Plaintiff) shall pay to the Plaintiff (Counterclaim Defendant) KRW 250 million with full payment from March 8, 2017.

Facts of recognition

On December 11, 2016, the Plaintiff concluded a sales contract (hereinafter “instant sales contract”) with the Defendant to purchase the land and buildings located in Geumsan-gun, Chungcheongnam-gun (hereinafter “instant real estate”) for KRW 500 million (hereinafter “instant real estate”).

On November 30, 2016, the Plaintiff paid KRW 20 million to the Defendant as a provisional contract deposit, and paid KRW 30 million on December 11, 2016.

The main contents of the instant sales contract are as follows.

Article 1 (Sale Subject Matter and Payment) The seller shall be liable for the remainder of KRW 30 million (on November 30, 2016), the remainder of KRW 150 million (on December 11, 2016), the intermediate payment of KRW 150 million (on December 30, 2016) (on December 30, 2016), until the buyer of the intermediate payment (on February 28, 2017), the remainder of KRW 300 million (on December 30, 2016), the seller shall be liable for the double payment of the down payment, and the buyer may waive the down payment and rescind this contract.

Article 8 (Penalties) Where a seller or a buyer has a default on obligations under this Agreement, either party to the contract may cancel the contract if he/she has notified in writing the other party who has defaulted his/her obligations and has failed to do so.

In such cases, the seller and the buyer may claim damages from the other party respectively, and the standards of Article 7 shall apply unless otherwise agreed on the damages.

[Matters of Special Agreement]

1. The seller shall bear all public charges up to the balance; and

2. The seller shall accept any defect related to the water supply of this building before he receives any balance and decide to normalize it; and

3. Before a seller receives an intermediate payment, he/she shall change the use of the land and buildings to enable the buyer to achieve the objectives of this contract;

(Change) On December 30, 2016, the Plaintiff paid an intermediate payment of KRW 150 million to the Defendant on December 30, 2016, but did not change the use of the instant real estate until the time.

On February 21, 2017, the plaintiff is the defendant and the defendant church.