[HISTORY: Adopted by the Mayor and Council of the Borough of Kenilworth as indicated in article histories. Amendments noted where applicable.]
[Adopted 2-27-1979 by Ord. No. 79-3]
[Amended 4-24-1996 by Ord. No. 96-7]
No insurance company authorized to issue fire insurance policies in the State of New Jersey shall pay any claims in excess of $2,500 for fire damages on any real property located within the Borough of Kenilworth, pursuant to any fire insurance policy issued or renewed after the adoption of this article and after the filing of this article with the State Commissioner of Insurance, until such time as all anticipated demolition costs, taxes and assessments and all other municipal liens or charges due and payable, appearing on the official certificate of search, shall have been paid by either the owner of such real property or by the insurance company, pursuant to the provisions of N.J.S.A. 17:36-10, or the Borough of Kenilworth submits to the insurance company a copy of a resolution adopted pursuant to N.J.S.A. 17:36-11. The governing body of the Borough of Kenilworth may enter into an agreement with the owner of any fire-damaged property to pay in full all delinquent demolition costs, 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 Article 7 of Chapter 5 of Title 54 of the New Jersey Revised Statutes, if the governing body is satisfied that the claim for fire damage is to be used to restore or improve the fire-damaged property. An insurance company receiving a certified copy of a resolution of agreement from the governing body of the Borough of Kenilworth is authorized to make full payment on the claim to the insured person.