No insurance company shall make payment to any claimant of any claim in excess of $2,500 for fire damages on any real property located within the Borough of Demarest pursuant to any fire insurance policy issued or renewed after the effective date of this chapter until such time as either:
A.
Anticipated demolition costs and all taxes and assessments and all other municipal liens or charges due and payable appearing on the official certificate of search shall have been paid either by the owner of such real property or by the insurance company pursuant to N.J.S.A. 17:36-10; or
B.
The Borough submits to the insurance company a copy of a resolution adopted pursuant to N.J.S.A. 17:36-11.