obliga on before it is due, or place such proceeds in escrow where he may establish that the transfer of the mortgaged property may impair his right to the mortgage. The por on of the proceeds obtained from the transfer in excess of the amount of the obliga on owed shall belong to the mortgagor, while any de ciency shall be sa s ed by the debtor. Ar cle 407 A mortgage may not be transferred separately from the underlying claim or be used as security for another claim. Where a claim is transferred, the mortgage securing the claim shall be transferred concomitantly with it, unless otherwise provided by law or agreed by the par es. Ar cle 408 Where an act of a mortgagor su ces to reduce the value of the mortgaged property, the mortgagee is en tled to request the mortgagor to refrain from performing such an act. Where the value of the mortgaged property is reduced, the mortgagee is en tled to request the mortgagor to restore its value or provide addi onal security to the extent of the reduced value. Where the mortgagor neither restores the original value of the mortgaged property, nor provides addi onal security therefor, the mortgagee is en tled to request the debtor to pay o the debt before it is due. Ar cle 409 A mortgagee may waive his right to the mortgage, or waive his priority order in the line of the mortgagees. A mortgagee and the mortgagor may reach an agreement to change such things as the mortgagee’s priority order in the line of the mortgagees and the amount of the secured claim, provided that any change to the mortgage may not adversely a ect the other mortgagees without their wri en consent. Where a debtor creates a mortgage on his own property, and the mortgagee waives his right to the mortgage and his priority order in the line of mortgagees, or changes the mortgage, the other security providers shall be exempted from the security liability to the extent of the rights and interests of the mortgagee that are forfeited owing to the waiver of his priority to be paid from the mortgaged property, unless the other security providers are commi ed to s ll provide security. Ar cle 410 Where a debtor fails to perform his obliga on due or an event upon which a mortgage is to be enforced as agreed upon by the par es occurs, the mortgagee may, upon agreement with the mortgagor, have the priority right to appraise and accept the mortgaged property, or apply the proceeds obtained from auc on or sale of the mortgaged property to sa sfy his claim against the mortgagor. Where the agreement is detrimental to the interests of other creditors, the other creditors may request the people’s court to rescind the agreement. Where a mortgagee and a mortgagor fail to reach an agreement on the methods of enforcing the mortgage, the mortgagee may request the people’s court to have the mortgaged property sold at auc on or in a sale. The appraisal or sale of the mortgaged property shall be based on the market price thereof. Ar cle 411 Where a mortgage is created in accordance with the provisions of Ar cle 396 of this Code, the mortgaged property shall be ascertained at the me when one of the following circumstances occurs: (1) the claim is not sa s ed upon expira on of the term of performance of the obliga on; (2) the mortgagor is declared bankrupt or dissolved; (3) an event upon which the mortgage is to be enforced as agreed upon by the par es occurs; or (4) any other circumstance that seriously a ects the enforcement of the claim. Ar cle 412 Where a debtor fails to perform his obliga on due or an event upon the occurrence of which the mortgage is to be enforced as agreed upon by the par es occurs, resul ng in the seizure of the mortgaged property by the people’s court in accordance with law, the mortgagee is en tled to collect the natural fruits or legal proceeds accrued from the mortgaged property as of the date of the seizure, unless the mortgagee fails to no fy the person who is obligated to pay o the legal proceeds. The fruits or proceeds as speci ed in the preceding paragraph shall rst be applied to o set the expenses of collec ng them. Ar cle 413 Where the appraised value of a mortgaged property or the proceeds obtained from auc on or sale of it is in excess of the amount of the obliga on owed, the excessive por on shall belong to the ti fi ti tt ti ff ti ti ti ti ti ti ti fi ti ti ti ti ti ti ff ff ti ti ti ti ffi ff ti ti ti ff fi tt fi ti ti fi ti ti ti ti ti ti ti ti ti ti ti ti ti 45