A.
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 to any real property located within the Township of Pittsgrove pursuant to any fire insurance policy issued or renewed after the adoption of this article and the filing of this article with the State Commissioner of Insurance, until such time as:
(1)
All taxes and assessments or other municipal liens or charges due and payable appearing on the official certificate of search of the Township of Pittsgrove for municipal liens, and any anticipated demolition cost appearing on said certificate, shall have been paid either by or on behalf of the owner of such real property or by the insurance company; or
B.
In the event that an appeal is taken on the amount of the 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; at which time such moneys and all interest accruing thereon, at the rate paid on interest-bearing accounts in banking institutions or savings and loan associations in the State of New Jersey, shall be disbursed in accordance with a final order or judgment of the court.