The applicant and the owner of record of the premises shall be required to execute and file with the Town Clerk of the Town of Jerusalem a letter of credit or other form of security acceptable to the Town Attorney as to form and manner of execution in an amount sufficient for the faithful performance of the terms and conditions of this section, the conditions of the permit or approval issued hereunder, for the observation of all Town local laws or ordinances to cover the maintenance of the tower during its lifetime, and provide for its removal. The amount required shall be at the applicant's expense as determined by the Town Engineer. In the event of default upon the performance of any of such conditions, the letter of credit or security shall be forfeited to the Town of Jerusalem, which shall be entitled to maintain an action thereon. The letter of credit or security shall remain in full force and effect until the removal of the tower, satellite dish, antenna, pole and/or accessory facility/structure, and site restoration.