2020 Colorado Revised Statutes
Title 29 - Government - Local
Article 4. Housing
Section 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:
To vest in a government the right, upon the happening of an event of default asdefined 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;
To vest in a trustee the right, upon the happening of an event of default as defined insuch 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;
To vest in other obligees the right, but only with the consent of such government, ifany, which aided in financing the project involved, to foreclose such mortgage by judicial proceedings;
To vest in an obligee, including a government, the right in foreclosing any mortgageas 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.
Source: L. 35: p. 545, § 17. CSA: C. 82, § 45. CRS 53: § 69-3-17. C.R.S. 1963: § 69-317. L. 89: IP(1), (1)(b), and (1)(c) amended, p. 1264, § 3, effective March 21.
