[HISTORY: Adopted by the Council of the Borough of Fair Lawn 5-28-1996 by Ord. No. 1634-96. Amendments noted where applicable.]
No insurance company authorized to issue fire insurance policies in the State of New Jersey which issues or renews any fire insurance policy after the adoption of this chapter and the filing of the same with the State Commissioner of Insurance shall pay to any claimant a sum in excess of $2,500 for fire damage on any real property located within the Borough of Fair Lawn until such time as:
All taxes and assessments and all other municipal liens and charges due and payable to the Borough of Fair Lawn as is indicated on an official certificate of search for municipal liens shall have been paid in full; or
The municipality submits to the insurance company a copy of a resolution adopted pursuant to N.J.S.A. 17:36-11.
However, if an appeal is taken on the amount of any lien or charge, other than an appeal on an assessed valuation of real property, the insurance company shall issue a draft payable to the Court of Record, pursuant to N.J.S.A. 17:36-10, in an amount totaling 75% of the full amount of the lien or charge being contested and the insurance company shall issue a draft payable to the municipality for the remaining 25% of the lien or charge being contested; provided, however, that the amount paid by the insurance company to the Court and the municipality shall not exceed the proceeds payable under its insurance policy.
The provisions of this chapter are intended to be interpreted in conjunction with N.J.S.A. 17:36-8 through N.J.S.A. 17:36-13, and the provisions of said statutes are herein incorporated by reference.