[HISTORY: Adopted by the Mayor and Council of the Borough of Oaklyn 3-13-2001 by Ord. No. 1-01. Amendments noted where applicable.]
No insurer issuing fire insurance policies in the State of New Jersey shall pay any claims for fire damages in excess of $2,500 on any real property or improvements located within the Borough of Oaklyn unless or until the insured person submits an official certificate of search for municipal liens pursuant to N.J.S.A. 54:5-12, certifying that all taxes, assessments or other municipal liens or charges levied and assessed and due and payable against said property have been paid or the Borough of Oaklyn submits a certified copy of a resolution in accordance with § 74B-2.
The Borough Council of the Borough of Oaklyn, pursuant to N.J.S.A. 17:36-11, may enter into an 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 N.J.S.A. 54:5-65 if the Borough Council is satisfied that the claim for fire damages is to be used to restore or improve the fire-damaged property. An insurer receiving a certified copy of such a resolution or agreement from the Borough Council of the Borough of Oaklyn is authorized to make full payment on the claim to the insured person.
Unless a resolution pursuant to § 74B-2 above is received, any insurer issuing fire insurance policies on property in the Borough of Oaklyn is authorized and required, prior to the payment of any claims for fire damages in excess of $2,500, to pay to the Borough of Oaklyn 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 appeal is or has been taken on the amount of any lien or charge, other than an appeal on the assessed evaluation of real property pursuant to N.J.S.A. 54:3-21, the insurance company shall follow the procedure set forth in N.J.S.A. 17:36-10 setting forth the escrow to be held by the court pending disposition of said appeal.