Ar cle 414 Where a property is mortgaged to two or more creditors, the proceeds obtained from auc on or sale of the mortgaged property shall be applied in accordance with the following provisions: (1) where the mortgages have all been registered, the order of payment is based on the priority in me of registra on; (2) a registered mortgage has priority over an unregistered mortgage to be paid; and (3) where none of the mortgages are registered, payment shall be made on a pro rata basis against the claims. The preceding paragraph shall be applied muta s mutandis with regard to the priority order of payment for other security interests that are registrable. Ar cle 415 Where both a mortgage and a pledge are created on the same property, the priority order of payment with the proceeds obtained from auc on or sale of the property shall be based on the priority in me of registra on and delivery of the property. Ar cle 416 Where a principal claim secured by a mortgage on movable property is the purchase price of the mortgaged property, and registra on for the mortgage is made within 10 days a er delivery of the property, the mortgagee has the priority to be paid over the other persons, other than a lienholder, who have security interests thereon in rela on to the purchaser of the mortgaged property. Ar cle 417 Where a right to use a lot of land for construc on purposes is mortgaged, any newly added buildings on the lot of land are not part of the mortgaged property. Upon enforcement of the mortgage on the right to use the lot of land for construc on purposes, the newly added buildings on such land shall be disposed of concomitantly with the right to use such land for construc on purposes, provided that the mortgagee has no priority to be paid from the proceeds obtained from disposi on of the newly added buildings. Ar cle 418 Where a right to use a lot of land owned by a collec ve is mortgaged in accordance with law, the nature of the ownership and the purpose of use of the land may not be altered without going through statutory procedures a er the mortgage is enforced. Ar cle 419 A mortgagee shall exercise his right to mortgage within the limita on period for claiming against the principal obliga on; otherwise no protec on may be provided by the people’s court. Sec on 2 Maximum Mortgage for Floa ng Claims Ar cle 420 Where a debtor or a third person provides a collateral for future claims that will arise consecu vely within a certain period of me to secure performance of the obliga ons, if the debtor fails to perform an obliga on due or an event upon which such a mortgage is to be enforced as agreed upon by the par es occurs, the mortgagee has the priority to be paid from the mortgaged property up to the maximum amount of his claim. A claim that exists prior to the crea on of the maximum mortgage for oa ng claims may, upon consent of the par es, be included in the claims secured by such a mortgage. Ar cle 421 Before the claims secured by the maximum mortgage for oa ng claims are ascertained, where part of the claims is transferred, the mortgage may not be transferred unless otherwise agreed by the par es. Ar cle 422 Before the claims secured by a maximum mortgage for oa ng claims are ascertained, the mortgagee and the mortgagor may change by agreement the period of me for the ascertainment of the claims, the scope of the claims, and the maximum amount of the claims, provided that such changes may not adversely a ect other mortgagees. ti ti ti ft ti ti ti ti ti fl ti ti fl fl ti ti ti ti fi ti ti ti ti ti ti ti fi ti ft ti ti ti ff ti ti ti ti ti ti ti ti ti ti ti ti ti ti 46 ti ti mortgagor, while any de ciency shall be sa s ed by the debtor.