1. The plaintiff's claim is dismissed.

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

Basic Facts

The contract (A: B and B: Defendant) golf course (18 holes, B, and B) project under Article 1 (1) of the Act, and related incidental projects. The implementation procedures for the project under Article 4 (Implementation of Projects) shall be governed by the following subparagraphs:

(1) A is responsible for authorization and permission for a golf course.

(2) Upon entering into this contract, A shall transfer the land (each of the instant real property) of 58,993 square meters owned by A to B as security.

Provided, That after obtaining permission, it shall be purchased at 50,000 won per average of the land provided as security.

(3) The purchase of any remaining site necessary for other golf course business shall not exceed 50,000 won per average ordinary day, and the purchase of the project site in the attached Form shall be liable to A.

Provided, That the liability for the land purchase fund shall be borne by Section B.

(4) A shall assume the responsibility for obtaining the consent of residents necessary for the business permission of the relevant golf course and the consent of sale of the owners of the relevant site.

The required expenses shall be used within the limit of KRW 350,00,000 in capital, and the detailed schedule for the execution of the required funds shall run after consultation with the B.

Article 5 (Disposal of Secured Land) Land offered as security by Party A shall be disposed of as follows:

(1) All real rights, such as mortgages, superficies, leasehold rights, lease on a deposit basis, seizure, provisional seizure, disposition, filing a lawsuit by the court, and cancellation of claims, related to all creditors, and other legal managers (individual, corporation, State, and any other person) in the land provided as security shall be completed (or consent for cancellation) in the register of the court.

(2) The expenses for the above disposal under paragraph (1) above shall be KRW 205,250,000 which has been agreed upon with Gap and Eul in advance.

Article 6 (Penalty) (1) Civil and criminal liability for all kinds of persons, permitted services, costs for handling civil petitions, etc. under the project shall be borne by A.

Provided, That Eul shall provide the various expenses required by Gap under mutual consultation with Gap.

(2) Where a person violates any of the obligations referred to in Article 4 (1) and (3), A shall pay to B the amount used by him/her from the capital of a new corporation before the permission is granted.