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 Kingwood 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 §
78-2 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.