No insurance company authorized to issue fire insurance policies in
the State of New Jersey shall pay to a claimant any claim in excess of $2,500
for fire damages on any real property located within the Township of East
Amwell pursuant to any fire insurance policy issued or renewed after the adoption
of this chapter and the filing of this chapter with the State Commissioner
of Insurance, until such time as:
A. All taxes and assessments and all other municipal liens
or charges due and payable appearing on the official certificate of search
for municipal liens pursuant to N.J.S.A. 54:5-12 shall have been paid either
by the owner of such real property or by the insurance company; or
B. The insurance company receives an official certificate,
on a form approved by the Township Committee and certified by the Clerk stating
that there is no demolition required on the property or, alternately, that
the costs of demolition have been paid. If the demolition has not yet occurred
on the date of receipt by the township of a request for execution of the certificate
required by this section, the insured shall provide on that certificate an
estimate of the anticipated cost of demolition to the township, which shall
hold the funds in an interest-bearing escrow account in a state or federally
chartered bank, savings bank or savings and loan association in this state
as a guarantee that the demolition will be accomplished according to law.
Any request, pursuant to this section for an official certificate of search
for municipal liens shall specify that the search concerns fire-damaged property;
or
C. The municipality submits to the insurance company a certified copy of a resolution adopted pursuant to §
79-2 of this chapter. In the event of such a resolution, a certified copy of said resolution shall be sent to the insurance company authorizing the insurance company to make full payment on the claim to the insured.