No insurance company writing and issuing fire insurance policies in
the Borough of Alpha, Warren County, New Jersey, shall make any payment on
said policy or policies issued or renewed after the effective date of this
chapter to any claimant on claims in excess of $2,500 for fire damages on
any real property located within the Borough of Alpha until such time as:
A. Anticipated demolition costs and all taxes and assessments,
together with all other liens and charges due and payable appearing on the
official certificate of search; or
B. 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; or
C. The Borough of Alpha shall submit to the insurance company
a resolution confirming an agreement with the owner of any fire-damaged property
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 the
tax sale lien by installment payments pursuant to N.J.S.A. 54:5-65 or for
the payment in full of any anticipated costs for demolition by installment.
Nothing in this chapter shall preclude the insurance company from any
rights granted to it pursuant to N.J.S.A. 17:36-10.