The term 'COLORED EYEBALL PART' can be solved by the four-letter word 'UVEA'. The uvea, also known as the uveal tract or uveal layer, is a part of the eye located between the sclera and the retina. It is composed of three layers: the choroid, the ciliary body, and the iris. The uvea is responsible for producing melanin, which gives the eye its color, and for controlling the amount of light entering the eye.