1. Defendant A shall receive KRW 720 million from the Plaintiff and at the same time enter in the attached Table 1 list to the Plaintiff.

Basic Facts

On August 4, 2016, the Plaintiff entered into a sales contract between the Plaintiff and the Defendant A and the Plaintiff entered into a sales contract for each land listed in the separate sheet No. 1 (hereinafter referred to as “land No. 1”) (hereinafter referred to as “the first sales contract”) with Defendant A as the sales price of KRW 770 million (payment of KRW 50 million on the date of the contract, the balance payment of KRW 720 million on the date of the contract, and November 30, 2016), and decided to cancel the remainder of the right to collateral security and superficies established in the land No. 1 as a special agreement.

On August 4, 2016, the Plaintiff entered into a sales contract with Defendant B for each of the lands listed in the separate sheet No. 2 (hereinafter “second-party sales contract”) (hereinafter “second-party sales contract”) (hereinafter “second-party sales contract”); and agreed to cancel mortgage and superficies on the land set forth in a special agreement with Defendant B at the end of the remainder of the purchase price of KRW 1.612 million (payment of KRW 250 million on the date of the contract, and payment of the balance of KRW 1.36 billion on November 30, 2016).

(2) The Plaintiff paid the down payment pursuant to the first and second sales contracts to Defendant A and B as the date of the contract.

The plaintiff's remaining unpaid balance and the defendants' cancellation notification had a business plan to newly build and sell houses after purchasing land Nos. 1, 2 and neighboring land as a company engaging in real estate development and sale of housing lots, and the remaining land purchase and sale were intended to receive a loan from financial institutions (so-called "PF loan") by taking profitability for the above business plan as security.

However, on September 12, 2016, the Plaintiff issued an order of correction of the construction permit requested by the Plaintiff on September 12, 2016, and the Plaintiff did not obtain a construction permit for the land Nos. 1 and 2 until November 30, 2016, which is the remainder payment date, and accordingly, the PF loan was no longer extended.

The Plaintiff failed to provide the remainder to Defendant A and B on the remainder payment date due to the above circumstances. Accordingly, the remainder payment date is after the building permit for the land No. 1 and No. 2.