1.The judgment of the first instance shall be modified as follows:

With respect to the case of A real estate auction in the Gwangju District Court.

1. Basic facts

A. On December 1, 2010, the Plaintiff drafted an investment agreement with the content that (1) B (mutual C), Jeonnam-do, and the Plaintiff will invest 5 billion won in the manufacturing field of cooling parts of the D Industrial Complex (13,000 square meters) from 2010 to 2013 in the area of cooling parts of the D Industrial Complex (13,000 square meters) and 25 employees.

(2) On December 1, 2010, the Plaintiff and B entered into a sales contract with the Plaintiff to sell the E factory site of KRW 13,058.73 square meters (hereinafter “instant land”) to B at KRW 1,632,341,250 (125,000 per 1 square meter unit price), and accordingly, on January 25, 201, the registration of ownership transfer was completed under B’s name with respect to the instant land.

(3) On December 31, 2010, the Plaintiff rendered a decision to grant a site subsidy of KRW 816,170,000 (i.e., State expenses of KRW 775,360,000) according to the project to support the site location of an enterprise relocated to the Seoul Metropolitan area (i.e., Si expenses of KRW 20,405,405,000), and around January 13, 2011, the Plaintiff granted a decision to grant a site subsidy of KRW 326,468,250 according to the project to support the site location of an enterprise located within the jurisdiction, and according to each of the above decisions, the Plaintiff granted a subsidy of KRW 816,170,00 on January 10, 201, and KRW 326,468,250 on January 13, 2011, respectively.

(4) B, on the ground of the instant land, newly constructed a single-story factory, warehouse, office (Annexed Buildings), pumps (Annexed Buildings), and completed registration of initial ownership as to the instant building on May 18, 201.

On November 28, 2011, the Plaintiff issued to B an investment subsidy of KRW 352,412,00 (i.e., 35,241,241,000 (i.e., Do subsidy of KRW 281,930,000) in accordance with the project to support investment subsidies by relocating Enterprises in the Seoul metropolitan area (i.e., 35,241,000 Si subsidy of KRW 35,241,000), and paid KRW 352,412,000 to B on November 29, 2011.

B. On January 25, 2011, the instant registration (1) B of the establishment of a neighboring mortgage on the instant land, buildings, etc., between the Intervenor F Co., Ltd. (hereinafter “ Intervenor”) and the Intervenor F. (hereinafter “ Intervenor”).