[Ord. No. 454-02]
No insurance company authorized to issue fire insurance policies
in the State of New Jersey shall pay to claimant any claim in excess
of $2,500 for fire damage on any real property located within the
Borough pursuant to any fire insurance policy issued or renewed after
the adoption of this Chapter (adopted May 9, 2002) and 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 Borough submits to the insurance company a copy of the resolution
adopted pursuant to 136-2; provided however, that if an appeal is
taken on the amount of any lien or charge, other than an appeal on
the assessed valuation of real property pursuant to N.J.S.A. 54:3-21,
the insurance company shall withhold 75% of the full amount of the
lien or charge being contested pending termination of all proceedings.
[Ord. No. 454-02]
a.
The Board of Commissioners may, by resolution, enter into an agreement
with the owner of any fire-damaged property situated in the Borough
of Cape May Point 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 a tax sale lien by installation payments
pursuant to Article 7 Chapter 5 of Title 54 of the New Jersey State
Statutes if the Board of Commissioners are satisfied that the claim
for fire damages is to be used to restore or improve the fire-damaged
property.
b.
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.
[Ord. No. 454-02]
Notwithstanding the provision of Section 136-1 an insurance company may pay proceeds of a fire insurance policy to a mortgagee of fire-damaged real property where the fire insurance policy at the time of the loss listed the mortgagee as a named insured, provided said payment may not be in the amount which exceeds that due and payable to the mortgagee under the mortgage contract.
[Ord. No. 454-02]
All insurance proceeds, to the extent necessary, shall be used
to restore the property so that it is at least as aesthetically attractive
as it had been prior to any fire.
