No insurance company shall pay a claimant in excess of $2,500 for fire
damages on any real property located within the Township of Freehold pursuant
to any fire insurance policy issued or renewed after the adoption of this
chapter and after the filing of this chapter with the State Commissioner of
Insurance, until such time as anticipated demolition costs, all taxes and
assessments, and all other municipal liens or charges due and payable, appearing
on the official certificate of search of the Township, have been paid either
by the owner of such real property or by the insurance company pursuant to
N.J.S.A. 17:36-10; or the Township has entered into an agreement pursuant
to N.J.S.A. 54:5-19 or N.J.S.A. 54:5-65 et seq. or for the payment in full
of any anticipated costs of demolition by installment if the Township Committee
is satisfied that the claim for fire damages is to be used to restore or improve
the fire damaged property.