When one or more conditions are attached to any grant, modification or appeal of a zone change, permit, variance or nonconforming use or structure review, the planning commission or city council may require the owners of the property to which such zone change, permit, variance or nonconforming use or structure review applies, to file a surety bond or corporate surety bond, or to deposit money, savings and loan certificates or shares with the city council in a prescribed amount for the purpose of guaranteeing the faithful performance of said conditions.

Where savings and loan certificates or shares are deposited, they shall be assigned to the city subject to all of the provisions of Article III E of LACC Ordinance No. 4099 (Administrative Code of the County of Los Angeles.)

The commission or city council may also require the owners of the property to which such zone change, permit variance, or nonconforming use or structure review applies to file a policy of insurance equal in amount to the amount of the required bond or deposit, insuring all persons against any injury or annoyance arising from the breach of such conditions unless: