1. The Defendant shall pay to the Plaintiff KRW 155,943,251 and interest rate of KRW 12% per annum from August 28, 2019 to the date of full payment.

1. Facts of recognition;

A. The Defendant obtained authorization for the establishment of a housing association from the City Mayor around December 5, 2014, after holding an inaugural general meeting on November 23, 2014, as a non-corporate group established pursuant to the Housing Act to promote a housing construction project in the City of Busan City, the Defendant obtained authorization for the establishment of the housing association from the City Mayor around February 11, 2015.

B. On October 26, 2014, the Plaintiff submitted a written pledge (hereinafter “instant pledge”) that, in joining the Defendant (tentatively named regional housing association) at the promotion committee level, the Defendant (tentatively named) was aware of the terms and conditions of the agreement of the project, consented thereto, and made a commitment to pay the agreed members’ contributions faithfully in accordance with the payment schedule. The instant pledge contains the following descriptions as to the deprivation of membership, withdrawal from membership, and refund.

4. When any of the following matters arises, the principal shall not raise an objection even after he/she automatically withdraws from his/her expulsion; when he/she loses his/her qualification as a housing association member in accordance with the relevant Acts and subordinate statutes and regulations:

5. Of the payments already made at the time of non-performance under paragraph (4) and withdrawal due to other reasons, the full amount of business promotion expenses of the cooperative shall be deducted, and the remainder of the contributions shall be disposed of by deducting 10% (contract deposit) of the total amount from the penalty for damages to the cooperative, and the refund shall be made in the account of the head of the Tong himself/herself, and the refund shall be made at the time of the completion of the deposit in substitution for a new member or a general purchaser, and other procedures for refund shall be governed by the order determined by the cooperative (Provided, That where there is interest on a loan, interest thereon, and unpaid charges, etc. at the time of the occurrence of the loan interest accrued from a financial institution as a guarantee by

4. Contributions: Payments made by members of a cooperative to implement projects of the cooperative, such as operating expenses of the cooperative, land purchase expenses, construction expenses, project expenses (such as design expenses, supervision expenses, agency expenses, and various service expenses, advertising expenses, public relations expenses, etc.).