A.
No insurance company authorized to issue fire insurance policies in the State of New Jersey shall pay any claim in excess of $2,500 for fire damage on any real property located within the Township of Lopatcong, County of Warren and State of New Jersey, pursuant to any fire insurance policy issued or renewed after the adoption of this article and after the filing of this article with the State Commissioner of Insurance until such time as 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, certifies that such taxes, assessments, liens or charges have been paid either by the owner of such real property or by the insurance carrier, or the municipality submits to the insurance company a copy of a resolution stating that the governing body of the municipality is satisfied that the claim for fire damage is to be used to restore or improve the fire-damaged property and authorizing the full payment of the claim on such insurance company to the insured person.
B.
If a demolition has not yet occurred on date of receipt of a request for an official certificate of search pursuant to this section, the insurer shall provide on that certificate an estimate of the anticipated costs of demolition. The insured on notice shall pay the anticipated cost of demolition to the municipality which shall hold the funds in an interest-bearing escrow account in a state or federally charted bank, savings banks or savings and loan association in this state.
[Added at time of adoption of Code (see Ch. 1, General Provisions, Art. I)]