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1. The defendant's appeal is dismissed.
2. The costs of appeal shall be borne by the Defendant.
3. The judgment of the court of first instance is ordered.
Reasons
1. Basic facts
A. On May 14, 2009, the Plaintiff entered into a real estate sales contract (hereinafter “the sales contract of this case”) with the terms and conditions as set forth below, in order to secure the Plaintiff’s claim for construction cost, etc. as to the D Building Nos. 4001 through 4011, 502, and 5003 (hereinafter “each real estate of this case”) of Bupyeong-gu Incheon Metropolitan City, Bupyeong-gu, Incheon Metropolitan City, Inc., which was owned by the Plaintiff, on May 14, 2009, on the ground of a pre-sale agreement on May 13, 2009.
(1) The down payment of 2 billion won shall be paid by issuing convertible bonds with the defendant's corporate bonds by no later than November 19, 2010.
(2) An intermediate payment of KRW 1.5 billion shall be paid by the issuance of corporate bonds with the defendant by no later than December 30, 2010.
(3) In lieu of the payment of the remainder of KRW 1.8 billion, the secured debt of the right to collateral security established on each of the instant real estate shall be acquired KRW 1.8 billion.
B. The Defendant is liable to the Plaintiff on the date of entering into the instant sales contract, and the Plaintiff’s liability is limited to the transfer of the portion of the provisional registration of the Plaintiff’s authority at present, and all other disposals are liable to the Defendant, among the KRW 5.3 billion of the real estate sales contract concluded with the Plaintiff on November 17, 2010, which is substantially paid to the Plaintiff.
The maturity of the corporate bond shall be officially inevitable for six months (no form is less than six months) and shall be repaid in cash within three months in substance.
(3) If the principal and interest of KRW 3.5 billion are to be paid within three months, the principal and interest of KRW 1.8 billion will not be raised to the security disposition. The remainder of KRW 1.8 billion is confirmed to be the cost of liquidation of bank liabilities and all the costs (such as transfer income tax, taxes, registration tax, and other expenses) incurred by the Plaintiff in the future, separate from the contract, shall be borne by the Defendant, and the damages incurred by the Plaintiff (in whole or in part) resulting from