1. The defendant's appeal is dismissed.

2. The costs of appeal shall be borne by the Defendant.

Purport of claim and appeal

1..

1. Facts of recognition;

A. The Defendant succeeded to the rights and obligations of a regional housing association established pursuant to the Housing Act in order to promote the construction project of apartment in Busanjin-gu D, Busan, and a tentatively named B housing association (hereinafter “Promotion Committee”) which promoted the apartment construction project before the establishment of the Defendant.

B. On October 6, 2016, the Plaintiff filed an application for membership with the Promotion Committee, and paid KRW 15,000,000 in the aggregate of KRW 5,00,000 and KRW 10,000 for the first agency business. On October 7, 2016, the Plaintiff entered into a partnership membership agreement with the Promotion Committee to be provided with apartment H that will be constructed in the future (hereinafter “instant subscription agreement”).

The object of the contract security certificate: He/she shall guarantee that the full amount of the payment amount, such as the down payment and business promotion expenses, shall be refunded if he/she fails to apply for the establishment authorization within December 31, 2016 during the implementation of the above project.

The certificate of this assurance shall be (tentatively named) it shall have priority over the subscription agreement entered into between the members of the Regional Housing Association.

Provided, That it is clear that the terms and conditions will be followed when the member's qualification or termination is made at his own will among the Dos in which the regional housing association is normally under way.

C. On October 7, 2016, the Promotion Committee prepared to the Plaintiff a contract security certificate with respect to the instant subscription agreement with the following content:

(hereinafter “instant livelihood security agreement”). D.

On November 7, 2016, the Plaintiff paid KRW 12,600,000 in total, and KRW 2,600,000 in total, and KRW 22,230,00 in part payment on December 12, 2016, respectively, according to the instant subscription agreement.

E. The Defendant applied for authorization to establish an association on August 9, 2017, and obtained authorization to establish an association on November 16, 2017.

F. Based on the instant guarantee agreement, the Plaintiff’s obligation to refund all the amount of the Plaintiff’s contribution, etc. to the Defendant.