[HISTORY: Adopted by the Borough Council of the Borough of Florham Park: Art. I, 4-17-1979 as Ord. No. 8-79. Amendments noted where applicable.]
[Adopted 4-17-1979 as Ord. No. 8-79]
The Code of the Borough of Florham Park is amended and supplemented with the addition of a new Article pursuant to N.J.S.A. 17:36-8 through 17:36-13, for the payment of tax liens on fire-damaged properties from existing insurance policies.
It shall be unlawful in the Borough of Florham Park for any insurance company to pay any claim in excess of $2,500 for fire damages on real property located within the Borough of Florham Park to any claimant pursuant to any fire insurance policy issued or renewed after June 1, 1979, until such time as all taxes and assessments and all other municipal liens or charges due and payable as appearing on the official certificate of search of the Borough of Florham Park have either been paid by the owner of such real property or by the insurance company pursuant to § 145-3 of this chapter.
It shall be permissible for the Mayor and Council of the Borough of Florham Park to enter into an agreement with the owner of any firedamaged property to pay in full all delinquent taxes, assessments or other municipal liens by installment payments pursuant to N.J.S.A. 54:5-19 or for the redemption of tax liens by installment payments. if the Mayor and Council are satisfied that the claim for fire damages is to be used to restore or improve the fire-damaged property.
A claim of the Borough of Florham Park made in accordance with the provisions of this chapter and N.J.S.A. 17:36-8 though 17:36-13 shall be paramount to any other claims on the proceeds of the fire insurance policy, except the claim to a holder of a mortgage on the fire-damaged property where the fire insurance policy, at the time of the loss, listed the mortgagee as a named insured, in which event the claim of the mortgagee to the proceeds shall be paramount to the municipal lien under this Article, only to the extent of the amount due and payable to the mortgagee under the mortgage contract.
In addition to the standard provisions for fire insurance policies set forth in state statute, every fire insurance policy issued on property located within the Borough of Florham Park shall be subject to the provisions of this article.