Whenever the interest or the protection or the welfare of the street that provides access to a property for which a building permit is sought, requires it, the Building Inspector, as a condition precedent to the issuance of the building permit and the commencement of work, may require an applicant to file with his/her application sufficient indemnity and a performance bond agreement with sufficient surety to guarantee the satisfactory completion of the work in and adjacent to the street and the restoration, repair and cleanup of any portion of the said street that may be damaged, directly or indirectly, as a result of the construction activities on the property. The amount of said bond shall be a minimum of $2,500.00 and may cover one or more than one of the acts specified in this chapter and said bond may cover any period of time necessary to include the accomplishment of one or more of the aforesaid acts, all as shall be determined by the Building Inspector. The approval of the Building Inspector as to amount, form, manner of execution and sufficiency of surety or sureties shall be entered on said bond before it shall be filed in the Village Clerk’s office and said bond shall be so filed before the building permit shall be effective. In the event that the applicant does not properly restore a street, as required herein, after 10 days' written notice requiring him/her to do so, the Village reserves the right to restore or have restored any street or to redo or have redone any improperly or unskillfully restored street in place and stead of the applicant and to charge the applicant for all work, materials, supplies and equipment used to do the same. The cost of such work to be withdrawn from the applicant’s bond.