§ 41-1. Release upon conditions.

The release or return to an insured of any amounts to which the insured would otherwise be entitled to claim under a policy of fire insurance is hereby authorized, provided that the insured enters into written agreement with the City of New Rochelle to restore the property affected to the same or improved condition that it was in prior to the time that the lien of the City against the proceeds provided in § 22 of the General Municipal Law arose, and further provided that such agreement shall require the insured to file with the City a performance bond or, in the alternative, agree that such proceeds remain in the escrow of the City, as guaranty of the insured's obligation to timely restore the property.