1. The Defendant’s KRW 150,000,000 as well as 5% per annum from January 15, 2014 to September 24, 2014 to the Plaintiff.

Basic Facts

On January 30, 2008, the Plaintiff entered into a sales contract with the Defendant to purchase a price of at least 1.5 billion won by aggregating the above building and the instant land (hereinafter referred to as “instant real estate”) in Gyeyang-gu, Incheon (hereinafter referred to as “instant land”) and its ground buildings located within the land transaction permission zone under the National Land Planning and Utilization Act (hereinafter “National Land Planning Act”). The main contents of the instant sales contract are as follows.

Article 1 (Purpose of Contract) The purpose of this Agreement is to purchase the real estate of this case from the defendant and to build multi-family housing for an urban development project.

Article 3 (Methods for Payment of Real Estate Price)

2. The purchase price shall be paid as follows:

1) The Plaintiff shall pay 10% (i.e., KRW 150 million) of the sales amount to the Defendant simultaneously with the contract. (ii) The balance shall be 90% (i.e., KRW 1.350 million) of the sales amount, and shall be paid at the time of February 11, 2008 at the time of 14 months from February 11, 2008.

(Provided, That in the event of designation of an urban development zone and no permission for land transaction, such designation shall be extended only once. The extension shall be extended for three months.

3. Where the obligation to pay the purchase price of the Plaintiff is overdue for three months or more due to a cause attributable to the Plaintiff, the Defendant may rescind this contract, and the down payment already paid shall revert to the Defendant.

The Plaintiff paid the Defendant the down payment of KRW 150 million on the day of the instant sales contract.

On October 21, 2010, the promotion committee for the zone urban development project (E) proposed to the head of Gyeyang-gu Incheon Metropolitan City (hereinafter referred to as the "head of the contract") the designation of an urban development zone for the Incheon Gyeyang-gu FF members, including the land in this case. The head of the contract requested the head of Incheon Metropolitan City Mayor to designate an urban development zone around July 201, but the head of Incheon Metropolitan City Mayor made a request on October 9, 201.