Text
1. The Defendant’s KRW 78,258,424 as well as the annual rate of KRW 5% from April 1, 2015 to May 12, 2017, and the next day.
Reasons
1. The purpose of this contract is to transfer the real estate indicated in Article 2 of the Investment Contract (hereinafter “subject real estate”) owned by “B” (hereinafter “subject real estate”) to “A” (D) and to provide for the method of paying the transfer proceeds to “B” after developing the subject real estate transferred from “B”.
Article 2 [Indication of Real Estate] Article 650,00 won per square meter of land price, planned management area of an area/district, planned management area of an area/district, and land price of an area outside the territory of 3,957 square meters (1,196 square meters) of the
1. The area of the real estate concerned shall be determined on the basis of land cadastre, but if the area is changed through the survey thereafter, the transfer proceeds shall be increased or decreased by calculating the area changed according to the measured area and the actual area of building permission;
2. In principle, the subject real estate shall be subdivided into several parcels in accordance with the attached Form’s accompanying drawings, but regarding subdivisions, “A” and “B” may be adjusted in consultation with each other.
Article 3 (Duties of A)
1. “A” shall carry out a real estate development project that constructs and sells a pented house on the subject real estate.
2. “A” shall newly construct a pented house constructed through a real estate development project as set out in the preceding paragraph and pre-sale it, and shall pay the proceeds of sale of the real estate to “B”.
3. A shall bear the tax and the capital gains tax of “B” on the profits accrued from the development project of the subject real estate.
4. “A” does not require “B” to provide land as a condition of development.
5. The project period shall be 18 months from the completion of authorization and permission, and unsold portions shall be acquired by “A”.
6. The distribution of earnings must be settled and paid at the rate of 70%, 30%, and 30%, after the settlement of all construction costs and general management expenses, taxes and public charges.
Article 4 (Payment of Transfer Price)
1. The price for the transfer of the subject real estate shall be 778,800,800 won (196,800 won per square meter);