[HISTORY: Adopted by the Township Committee of the Township of Freehold by Ord. No. O-85-15 (§ 12-18 of the Revised General Ordinances). Amendments noted where applicable.]
No insurance company shall pay a claimant in excess of $2,500 for fire damages on any real property located within the Township of Freehold pursuant to any fire insurance policy issued or renewed after the adoption of this chapter and after the filing of this chapter with the State Commissioner of Insurance, until such time as anticipated demolition costs, all taxes and assessments, and all other municipal liens or charges due and payable, appearing on the official certificate of search of the Township, have been paid either by the owner of such real property or by the insurance company pursuant to N.J.S.A. 17:36-10; or the Township has entered into an agreement pursuant to N.J.S.A. 54:5-19 or N.J.S.A. 54:5-65 et seq. or for the payment in full of any anticipated costs of demolition by installment if the Township Committee is satisfied that the claim for fire damages is to be used to restore or improve the fire damaged property.