Unless a resolution is received in accordance with §
165-3 of this chapter by an insurance company writing fire insurance policies in the Borough of South River, such insurance company is hereby authorized and required, prior to the payment of any claims for fire damages in excess of $2,500, to pay to the Borough of South River the amount of the liens appearing on the official certificate and such other recorded liens or related charges as may be certified to the insurance company; provided, however, that if an appeal is taken on the amount of any lien or charge, other than an appeal on the assessed valuation of real property pursuant to N.J.S.A. 54:3-21, the insurance company shall withhold 75% of the full amount of the lien or charge being contested pending termination of all proceedings, at which time such moneys and all interest accruing thereon at a rate paid on interest-bearing accounts in banking institutions or savings and loan associations in the state shall be disbursed in accordance with the final order or judgment of the court.
The governing body of the Borough of South River, in which the fire-damaged
property is located, may enter into agreement with the owner of any fire-damaged
property to pay in full all delinquent taxes, assessments or other municipal
liens by installments pursuant to N.J.S.A. 54:5-19 or, for the redemption
of the tax sale lien, by installment payments pursuant to Article 7 of Chapter
5 of Title 54 of the New Jersey Revised Statutes if the governing body of
the Borough of South River is satisfied that the claim for fire damages is
to be used to restore or improve the fire-damaged property. An insurance company
receiving a certified copy of a resolution of agreement from the governing
body of the municipality is authorized to make full payment on the claim to
the insured person.
In addition to the standard provisions for fire insurance policies set
forth in P.L. 1953, c. 268, Section 6 (N.J.S.A. 17:36-5.20), every fire insurance
policy issued on property situated in the Borough of South River shall be
subject to the provisions of this chapter.