If I get your question correctly, you already have a means of generating a mask; you're asking how to apply the mask.
Consider this example:
inpict=imread('sources/colorballs.jpg');
mask=multimask(inpict,{'ge','le'},[0.85 0.33 0.05; 1 1 0.63]*255,'and');
outpict=im2double(inpict);
outpict=bsxfun(@times,outpict,mask);
If you're running R2016b or newer, you don't even need to do that. Implicit expansion will take care of it:
outpict2=im2double(inpict);
outpict2=outpict2.*mask;