Security. The applicant, owner and/or lessee of the telecommunications tower site shall be required to execute and file with the Village Clerk, with a copy to the Village Attorney, a performance bond, or other security, acceptable to the Village 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 the approval issued hereunder, for the observation of all Village laws and/or ordinances, to cover the maintenance of the telecommunications tower site during the period of its use, and/or to cover the cost of its removal upon the discontinuance of its use. The amount required shall be determined by the Board of Trustees upon the recommendation of the Building Department. In the event of default in any of the provisions of this section by the applicant, owner, and/or lessee of the telecommunications tower site, the performance bond, or other security, shall be forfeited to the Village, which shall be entitled to maintain an action thereon. The performance bond, or other security, shall remain in full force and effect until the removal of the telecommunications tower and all accessory structures thereto pursuant to this section. The owner and/or lessee of the telecommunications tower site shall certify annually, in writing, to the Village Clerk, with a copy to the Village Attorney, that the performance bond, or other security, is in full force and effect.