The right to complete the purchase and sale reservation shall be extinguished by the expiration of the exclusion period.

The right to the completion of the pre-sale agreement shall be exercised within the period of the exercise, if the parties agree on the period of the exercise, or within ten years from the time the reservation is made, if no agreement is reached, and if the period is exceeded, it shall be extinguished upon the lapse of the exclusion period.

Article 24 of the National Tax Collection Act

2015da122170 Cancellation of provisional registration

Korea

OraA

Pleadings without Oral Proceedings

September 11, 2015

1. The defendant will implement the procedure for the cancellation of the registration of the right to claim ownership transfer, which was completed by the 1OOOOOOOOO on December 16, 1994 with respect to the real estate listed in the separate sheet to the non-party leB.

2. The costs of the lawsuit are assessed against the defendant.

Cheong-gu Office

The same shall apply to the order.

1. Indication of claim;

The reasons for the attached Form shall be as shown in the attached Form.

2. Judgment without holding any pleadings;

Articles 208(3)1 and 257 of the Civil Procedure Act.

[Attachment]

Grounds of Claim

1. Relationship between parties;

The plaintiff is the tax creditor of the non-party leB (the delinquent taxpayer), and the defendant has the right to claim ownership transfer registration on the real estate owned by the non-party leB as stated in the attached list of the non-party leB (Evidence No. 1).

2. Seizure of the Plaintiff’s real estate

The plaintiff seized the real estate listed in the attached list as of January 19, 1997 in order to collect the delinquent tax amount of the non-party leB (hereinafter referred to as "leB"), and the national taxes related thereto are as shown in [Attachment 1] (No. 2).

The amount of delinquent local taxes related to the attachment of Table 1 (the base date: May 20, 2015)

Sub-Items :

Deadline for payment

Legal date;

guidance.

Internal Tax

Additional Dues

Value-added Tax

December 31, 1995

December 05, 1995

10,906,450

59,040,350

51,866,100

3. Expiration of the exclusion period;

In the unilateral promise for sale, the right which would become effective as a result of the other party’s expressing his/her intention of completion of the subscription for sale, i.e., the right to conclude the subscription for sale and purchase, if it is a sort of right to form and exercise period between the parties, within such period, and if not, within 10 years from the time when the subscription is made, it shall be exercised; and upon the expiration of such period, the right to conclude the subscription shall be extinguished upon the lapse of the exclusion period (Supreme Court Decision 200Da26425, Jan. 10, 200).

d. Non-party B’s insolvency

As of the date of the lawsuit, the active property of leB is the following Table 2, and the head of the National Tax Service's OOB attached each of the above real estate on December 16, 194, but before the seizure registration of each of the above attached real estate, the non-party title and the defendant established the provisional registration of the right to claim the transfer of ownership based on the pre-sale against each of the above attached real estate. It is difficult to regard the real estate of leB as active property in the judgment of leB's active property because compulsory execution is virtually difficult, and there is no other property than the real estate of leB, and the plaintiff is able to execute it through public auction only after the provisional registration of the right to claim the transfer of ownership was cancelled (Evidence No. 3 and 4 of this case).

Table 2 【Posor B’s active property as of the date of filing a complaint】

(unit: Won)

Location

Evaluation Amount

Restrictions on funeral enforcement;

Gohap (owner)

OO-OO-OOOO-OOO-OO-OO-O-O-O-O-O-O-O-O-O-O

30,000,000

Provisional Registration of Transfer Claim

The real estate of this case (leB)

OO-O-OOOO-OOO-OO-OO-O

26,000,000

Provisional Registration of Transfer Claim

Consolidateds

56,000,000

Table 3 [Non-Performingd Property of MaB as of the date of filing a complaint]

(unit: Won)

Classification

Amount

Jinay

National taxes in arrears

10,906,450

(including additional charges)

Consolidateds

10,906,450

5. Exercise of rights by the payer and exercise of rights by subrogation;

가. 윤BB은 1994.12.15. 피고와 별지목록 기재 부동산에 관하여 매매예약을 체결하고, 1994.12.16. 피고의 앞으로 위 매매계약을 원인으로 한 소유권이전청구권가등기를 마�습니다.

B. The registration of the right to claim ownership transfer under the above paragraph (a) of this Article has already ceased to have the right to complete the sale after the expiration of the exclusion period without exercising the right to complete the sale. Therefore, the Defendants are obliged to cancel the registration of the right to claim ownership transfer on the real estate in the attached list by way of restitution

C. As above, leB does not exercise its right against the Defendant (right to claim cancellation of the provisional registration for ownership transfer), the Plaintiff is unable to satisfy the taxation claim of KRW 110,906,450 up to the filing date of the lawsuit, and leB is deemed to have no intention to pay national taxes in arrears in the future, and therefore, leB intends to remove the limitation factors for compulsory execution and to exercise the right of the delinquent taxpayer in subrogation to recover the tax claim through public sale under Article 61(1) of the National Tax Collection Act.

6. Conclusion

As above, the defendant's right to claim ownership transfer registration by the defendant's reservation for sale of the real estate listed in the separate sheet must be cancelled at the expiration of the exclusion period, and leB has the right to claim ownership transfer registration against the defendant even in order to perform high-amount tax obligations, and has the plaintiff make efforts to recover tax claims by exercising the right to claim ownership transfer registration cancellation registration against the defendant, but fails to perform this right, and the plaintiff has filed the lawsuit in this case in subrogation of leB regarding the real estate listed in the separate sheet