Colorado § 31-25-530 Penalty for default - payment of balance

Colorado Statutes

§ 31-25-530 — Penalty for default - payment of balance

Colorado·Title 31 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
ordinance, and all penalties and 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

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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
ordinance, and all penalties and 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 ordinance
imposing the assessment.

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Legislative History

Source: L. 75: Entire title R&RE, p. 1198, � 1, effective July 1. L. 86: Entire section R&RE, p. 1057, � 22, effective July 1. L. 2002: Entire section amended, p. 274, � 15, effective August 7.