Upon receipt of proceeds by the Township the following procedures shall be followed:
A. The Treasurer shall place the proceeds in a separate fund to be used solely as security against the total cost of removing, repairing or securing incurred by the Township. Such cost shall include, but is not limited to, any material, labor, engineering, legal or administrative costs incurred by the Township in connection with such removal, repair or securing of the building and any proceeding related thereto.
B. When transferring the funds as required in § 506 hereof, an insurer shall provide the Township with the name and address of the named insured, whereupon the Township shall contact the named insured, certify that the proceeds have been received by the Township and notify the named insured that the procedures under this Section shall be followed.
C. The fund shall be returned to the named insured when repairs, removal or securing of the building or other structure have been completed and the required proof received by the designated officer if the Township has not incurred any costs for repairs, removal or securing. If the Township has incurred costs for repairs, removal or securing of the building or other structure, the costs shall be paid from the fund, and, if excess funds remain, the Township shall transfer the remaining funds to the named insured. Nothing in this Section shall be construed to limit the ability of the Township to recover any deficiency. Further, nothing in this Section shall be construed to prohibit the Township and the named insured from entering into an agreement that permits the transfer of funds to the named insured if some other reasonable disposition of the damaged property has been negotiated.
(Ord. 65, 5/2/2002, § 7)