[HISTORY: Adopted by the Mayor and Council of the Borough of Riverdale 2-19-1980 by Ord. No. 1-80. Amendments noted where applicable.]
Fire prevention — See Ch. 100.
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 Borough of Riverdale 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:
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
The municipality submits to the insurance company a copy of a resolution adopted pursuant to § 97-2 of this chapter; 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.
The Mayor and Council of the Borough of Riverdale may by resolution enter into an agreement with the owner of any fire-damaged property situated in the Borough of Riverdale 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 installment payments pursuant to Article 7 of Chapter 5 of Title 54 of the Revised Statutes of New Jersey, if the Mayor and Council is satisfied that the claim for fire damages is to be used to restore or improve the fire-damaged property.
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.
Notwithstanding the provision of § 97-1 of this chapter 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 that said payment may not be in an amount which exceeds that due and payable to the mortgagee under the mortgage contract.