[HISTORY: Adopted by the Mayor and Council of the Borough of Northvale 7-9-1997 by Ord. No. 716-97. Amendments noted where applicable.]
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 Borough of Northvale 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 all taxes, 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 property or by the insurance company.
If the Mayor and Council are satisfied that the claim for fire damage is to be used to restore or improve the fire-damaged property or, alternately, if the full estimated cost of demolition has been paid to the municipality or the damaged structure has been demolished in accordance with law, then the Mayor and Council of the Borough of Northvale may, by resolution, enter into an agreement with the owner of any fire-damaged property situated in the Borough of Northvale 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 tax sale lien by installment payments pursuant to Article 7 of Chapter 5 of Title 54 of the Revised Statutes of New Jersey. In the event of such a resolution being adopted, 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.
Editor's Note: See N.J.S.A. 54:5-65 et seq.