Colorado § 30-20-615 Penalty for default - payment of balance

Colorado Statutes

§ 30-20-615 — Penalty for default - payment of balance

Colorado·Title 30 Government·Art. Public Improvements

Failure to pay any
installment, whether of principal or interest, when due shall cause the whole of the
unpaid principal to become due and collectible immediately, and the whole amount
of the unpaid principal and accrued interest shall thereafter draw interest at the
rate established pursuant to section 5-12-106 (2) and (3), C.R.S., until the day of
sale; but, at any time prior to the day of sale, the owner may pay the amount of all
unpaid installments, with interest at the penalty rate set by the assessing
resolution, and all costs of collection accrued and shall thereupon be restored to
the right thereafter to pay in installments in the same manner as if default had not
been suffered. The owner of any property not in default as to any installment or
payment may, at any time, pa

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Failure to pay any
installment, whether of principal or interest, when due shall cause the whole of the
unpaid principal to become due and collectible immediately, and the whole amount
of the unpaid principal and accrued interest shall thereafter draw interest at the
rate established pursuant to section 5-12-106 (2) and (3), C.R.S., until the day of
sale; but, at any time prior to the day of sale, the owner may pay the amount of all
unpaid installments, with interest at the penalty rate set by the assessing
resolution, and all costs of collection accrued and shall thereupon be restored to
the right thereafter to pay in installments in the same manner as if default had not
been suffered. The owner of any property not in default as to any installment or
payment may, at any time, pay the whole of the unpaid principal with the interest
accruing to the maturity of the next installment of interest or principal; except that
any owner who pays the whole of the unpaid balance pursuant to this section may
be assessed a prepayment premium not to exceed three percent of the unpaid
principal, the amount of which premium shall be specified in the resolution
imposing the assessment.

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Legislative History

Source: L. 73: p. 488, � 1. C.R.S. 1963: � 36-30-14. L. 85: Entire section amended, p. 1074, � 6, effective May 24. L. 86: Entire section amended, p. 1056, � 21, effective July 1. L. 2002: Entire section amended, p. 269, � 8, effective August 7.