(1) Where a foreign-invested company, etc. which have purchased land, etc. by a negotiated contract pursuant to Article 13-3 (1) fall under any of the following, the State, etc. may terminate or cancel the contract for the sale of the land, etc.; provided, in cases of subparagraph 1 or 3, this shall not apply where the State, etc. order the correction thereof and then the relevant foreign-invested company, etc. comply with such order within a period prescribed by Decree of the Ministry of Trade, Industry and Energy:
1. Where the foreign-invested company, etc. fail to pay the purchase price;
2. Where the foreign-invested company, etc. are found to have concluded the relevant contract by making a false statement or submitting false evidential documents or by other improper means;
3. Where the foreign-invested company, etc. fail to commence a business by the due date of commencement under the relevant negotiated contract without any extenuating circumstances, after they have concluded the contract;
4. Where the foreign-invested company, etc. fail to meet the requirements under Article 13 (2) 1 through 4;
5. Where the foreign-invested company, etc. fail to maintain the minimum foreign investment ratio for a period specified in Article 13-3 (2);
6. Where the termination or cancellation of the relevant contract is deemed necessary after consultation between the State, etc. and the foreign-invested company, etc.
(2) Where the State, etc. sell land, etc. pursuant to Article 13-3 (1), the relevant foreign-invested company, etc. shall register a special agreement stating that the sales contract may be canceled where any ground under paragraph (1) 2 through 6 occurs.
(3) Where a contract is terminated or canceled under paragraph (1), the State, etc. shall take necessary measures to recover the rights to the relevant land, etc., without delay.[This Article Added on Feb. 4, 2020]