Solution
Ways to check if Black Only is enabled
Navigate to Settings > Print > Quality > Print Mode and check whether it is set to "Black and White" then change it to "Color".
Navigate to Settings > Device > Maintenance > Configuration Menu > Print Configuration > Black Only Mode. Make sure this option is unchecked.
Navigate to Settings > Security > Manage Permissions > Function Access > Color Print. Make sure this option has a check mark.
If all options above are set to Color but printer won't print in Color, contact Lexmark Technical Support for further assistance.