The judgment of the court below is reversed, and the case is remanded to Suwon District Court Panel Division.

The grounds of appeal are examined.

1. If one of the parties to a contract fails to perform the obligation, the other party may rescind the contract within a reasonable fixed period, and notify the other party of the performance thereof, and if the other party fails to perform the obligation within the prescribed period,

(See Supreme Court Decision 70Da1342, 1343 delivered on February 23, 1971). Meanwhile, in cancelling a contract on the grounds of delay of performance, the peremptory notice of performance, which is a prerequisite for the premise, does not necessarily have to be given by specifying a certain period in advance, and the peremptory notice of performance does not necessarily have to be given after the lapse of a reasonable period from the time when the peremptory notice was given. If the obligee has notified the obligor that he/she would cancel the contract because he/she did not perform his/her obligation, it may be deemed that the peremptory notice of performance was given. However, if

(See Supreme Court Decision 94Da35930 delivered on November 25, 1994). 2. Review of the reasoning of the lower judgment and the evidence duly admitted by the lower court reveals the following facts. A.

On October 17, 2012, the Plaintiff leased the instant apartment from the Defendant KRW 110,000,000,000, and around that time, paid the down payment of KRW 11,000,000 to the Defendant. The Plaintiff agreed with the Defendant to pay the remainder KRW 99,00,000 until December 27, 2012.

B. On the instant apartment, the establishment registration of the mortgage was completed over KRW 190,800,000 with the maximum debt amount as the mortgagee, which was the Korea SPS Bank (hereinafter “Japan”); and

As a special agreement with the Plaintiff, the Defendant agreed to take measures to reduce the maximum debt amount of the registration of creation of a mortgage prior to the payment of the remainder of the Plaintiff’s remainder to the level of securing the actual secured debt amount of KRW 147,00,000.

(hereinafter referred to as “matters of special agreement”). (c)

On December 27, 2012, the remaining payment date of the Plaintiff, the maximum amount of debt for the registration of the establishment of a mortgage over the last place of the Plaintiff.