Before the issuance of a permit by the Zoning Board of Appeals for quarries or excavations, the applicant must have executed an agreement with the Town Board of the Town of Lysander whereby the applicant contracts to restore the premises to the conditions approved and established in accordance with the provisions of this chapter. The applicant shall execute a bond or deposit cash with the Town Clerk in an amount sufficient in the opinion of the Zoning Board of Appeals to secure the performance of said contract. The amount of bond may be reduced and/or portions of the cash returned to the applicant from time to time when, in the opinion of the Board, the lower amount will be sufficient to accomplish its purposes. In the event that the applicant who executed the contract does not fulfill his agreement, such bond or cash deposit shall be a surety and condition for the faithful performance of this chapter, and, upon default, such bond or cash deposit shall be forfeited to the Town of Lysander, and the Town shall proceed to restore the premises in the manner prescribed, either with its own forces or by contract, after due notice to the applicant and, if a cash deposit was not used, to his surety company and, upon their failure to comply with the agreement, to charge the costs to the surety company. The bond shall continue in full force and effect until a certificate of compliance shall have been issued by the Board of Appeals to the effect that all the provisions of the applicant's agreement with the Town Board have been complied with.