§ 29-4-217 — Power to mortgage - when

(1) In connection with any project, the
authority also has the power to mortgage all or any part of its property, real or
personal, then owned or thereafter acquired, and thereby:

(a) To vest in a government the right, upon the happening of an event of
default as defined in such mortgage, to foreclose such mortgage through judicial
proceedings or through the exercise of a power of sale without judicial
proceedings, so long as a government is the holder of any of the bonds secured by
such mortgage;

(b) To vest in a trustee the right, upon the happening of an event of default
as defined in such mortgage, to foreclose such mortgage through judicial
proceedings or through the exercise of a power of sale without judicial
proceedings, but only with the consent of the government, if any, which aided in
financing the project involved;

(c) To vest in other obligees the right, but only with the consent of such
government, if any, which aided in financing the project involved, to foreclose such
mortgage by judicial proceedings;

(d) To vest in an obligee, including a government, the right in foreclosing any
mortgage as aforesaid to foreclose such mortgage as to all or such part of the
property covered thereby as such obligee, in its absolute discretion, shall elect;
such institution, prosecution, and conclusion of any such foreclosure proceedings
or the sale of any such parts of the mortgaged property shall not affect in any
manner or to any extent the lien of the mortgage on the parts of the mortgaged
property not included in such proceedings or not sold.

Legislative History

Source: L. 35: p. 545, � 17. CSA: C. 82, � 45. CRS 53: � 69-3-17. C.R.S. 1963: � 69-3-17. L. 89: IP(1), (1)(b), and (1)(c) amended, p. 1264, � 3, effective March 21.