§ 32-11-643 — Acceleration upon delinquency

(1) Failure to pay any
installment, whether principal or interest, when due shall ipso facto cause the
whole amount of the unpaid principal to become due and payable immediately at
the option of the urban district, security holder, or trustee therefor initiating
foreclosure proceedings, the exercise of such option to be indicated by the
commencement of foreclosure proceedings for not only each delinquent
installment but also all other unpaid installments of any assessment.

(2) At any time prior to the day of sale, the owner may pay the amount of
delinquent installments, with accrued interest, all penalties, and cost of collection
accrued, including but not necessarily limited to any attorneys' fees, and shall
thereupon be restored to the right thereafter to pay in installments in the same
manner as if default had not been made.

Legislative History

Source: L. 69: p. 801, � 156. C.R.S. 1963: � 89-21-156.