1. All appeals by the Defendants are dismissed.

2. The costs of appeal are assessed against the Defendants.

3. Text of the judgment of the court of first instance;

1. Basic facts

A. On June 5, 2012, the Plaintiff entered into a management-based land trust contract (hereinafter “F”) with the truster and beneficiary, and the F Co., Ltd. (hereinafter “F”).

B) Between Sung-nam-si, the officetel “H” (1,352 rooms, hereinafter referred to as “instant officetel”) in the Sector G in the Sung-si, Sung-nam-si.

) The management-type land trust contract for the new construction and sale of the project was concluded (hereinafter “instant trust contract”).

(1) Article 1 (Purpose of Trust) (1) The purpose of this trust agreement is to provide the beneficiary with the benefits of trust by operating a trust building on the trust land, a trust property, and a trust building, which is a trust property. <2) The trustee bears the rights and obligations of the owner of the building within the scope of trust property, and the trustee does not assume the obligation to raise funds, and the responsibility for raising funds is to be borne by the truster or the person designated by separate agreement. Article 14 (Methods of Disposal, Management, and Operation of Trust Real Estate) may sell, manage, and operate the trust real estate in accordance with the following methods:

Provided, That the contract for sale in lots already concluded shall be executed.