1. The plaintiff's claim is dismissed.

2. The costs of lawsuit shall be borne by the Plaintiff.

1. Basic facts

A. An incorporated association B (hereinafter “debtor”) was a corporation established for the purpose of preserving and maintaining all facilities for the operation of the market located in Yeongdeungpo-gu Seoul Metropolitan Government, and promoted the reconstruction of the main complex building (a apartment and commercial building) on its ownership and adjoining land from around 2005.

B. On May 17, 2011, the debtor entered into a contract with the defendant, setting the construction cost as KRW 26,352,485,474, and the construction period as KRW 26,352,485,474, and 26 months from the commencement date, with respect to the construction work that constructs new apartment units with 15 stories above ground (32-34 square meters) and sales facilities of 15 stories above ground (hereinafter “instant building”) on the land outside Yeongdeungpo-gu Seoul, Yeongdeungpo-gu, Seoul and 16 parcels.

The above contract for work has the following provisions:

Article 25 (Loan)

1. Where a Party A (hereinafter the same shall apply) borrows funds within the limit of 18 billion won from a financial institution to cover the costs of land for a project and the initial costs of a project, Party B (Defendant; hereinafter the same shall apply) shall guarantee the payment of the outstanding amount at the time of repayment of obligations;

Article 27 (Transfer of Claims in Time of Irregularities)

1. If the total amount of the progress payment claimed at the expiration of 20 months from the date of conclusion of the contract for sale in lots is in arrears by more than 20 per cent of the total amount of the progress payment at the expiration of 20 months, A shall transfer the sale price claim, unsold apartment and commercial building to B within the limit of the remaining period amount, and A shall actively cooperate

2. The appraised value of the bonds transferred under the above paragraph (1) shall be the amount of 90% of the sales price claim of the seller in lots and the total amount of unsold apartments and 70% of the total amount of unsold apartments;

Provided, That the choice of the transferred apartment and commercial buildings shall be decided.

C. The debtor, on November 1, 201, was approved by the Yeongdeungpo-gu Office for the invitation of occupants to the apartment of this case and sold the above apartment, between the defendant and the debtor on May 19, 201.