[Adopted 4-12-81 by Ord. No. 1058.]
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
City of South Amboy pursuant to any fire insurance policy issued or
renewed after the adoption 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 municipality submits to the insurance company a copy of a resolution adopted pursuant to Section
153-2; 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.
Notwithstanding the provision of Section
153-1, 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 an amount which exceeds that due and payable to the mortgagee under the mortgage contract.