Clauses of the Real Estate Securitization Act Article 56

Where the real estate management institution has one of the following situations and fails to make corrections within a given time period as notified by the trustee, the trustee may terminate the appointment agreement and transfer the appointed matters to another real estate management institution, without being restricted by the original appointment agreement, and report the matter to the competent authority for reference after the termination of appointment:1. Violation of the matters agreed in the appointment agreement; or2. Severe deficiencies in the business or finance.The real estate management institution shall settle and transfer the business and finance related to the appointed matters within a time period given by the trustee when the appointment agreement is terminated pursuant to the preceding paragraph hereof. Where the real estate management institution fails to settle and transfer within the given time period, the trustee may proceed with the settlement by itself, and the results of the settlement are binding to the real estate management institution.Machinery and other Articles left on the managed real estate by the real estate management institution shall be removed within a given time period. Where the real estate management institution fails to do so, such Articles shall be deemed abandoned, and the trustee may dispose of those Articles by itself at the expense of the real estate management institution.If any of the situations as mentioned in paragraph 1 hereof occurs, the trustee shall make announcements in the daily local newspapers circulated at the place of its principal office or in other ways prescribed by the competent authority within two (2) days after the appointment agreement is terminated.