1. The plaintiff's appeal is dismissed.

2. The costs of appeal shall be borne by the Plaintiff.

The purport of the claim and appeal is the purport of the appeal.

1. The reasoning of the judgment of the court of first instance concerning the instant case is as follows: (a) the part of the judgment of the court of first instance regarding the “Act on the Maintenance and Improvement of Urban Areas and Dwelling Conditions for Residents (hereinafter “Urban Maintenance and Improvement of Urban Areas and Dwelling Conditions for Residents”)” shall be dismissed as “former Act on the Maintenance and Improvement of Urban Areas and Dwelling Conditions for Residents (amended by Act No. 11293, Feb. 1, 2012; hereinafter “Urban Maintenance and Improvement Act”)”; and (b) the judgment on the grounds of appeal by the plaintiff is added pursuant to the main sentence of Article 420 of the Civil Procedure Act, and thus, the same shall be cited

2. Determination on the grounds for appeal

A. The gist of the Plaintiff’s assertion 1) Since the Plaintiff was subject to cash settlement pursuant to the fact that the contract for sale in lots was not concluded with the Defendant after the approval of the management and disposal plan of the instant reconstruction project was completed, the cash settlement amount against the Plaintiff should be calculated based on the value of the right to sell an apartment that the Plaintiff could have purchased in lots pursuant to the management and disposal plan, not the real estate of this case. 2) Furthermore, the general sale price of the apartment that the Plaintiff could have purchased in lots is 170,424,444 won (i.e., 475,00,000 won - 304,575,556 won (i.e., 304,575,556 won) as development gains pursuant to the reconstruction project of this case.

B. Determination 1) However, the Defendant’s articles of incorporation (Article 44(4) of the Act provides that the previous land or buildings of its members shall be settled in cash in cases where a partner fails to apply for parcelling-out. Article 44(5) of the Defendant’s articles of incorporation provides that Article 44(4) shall apply mutatis mutandis to cases where a partner fails to conclude a sales contract within the period for signing the sales contract after the approval of the management and disposal plan, except for the following day from the last day of the period for signing the sales contract. Thus, the Defendant’s articles of incorporation shall also apply to cash settlement under