The bond/bonds shall be conditioned upon the payment to the City of any costs incurred by the City or its agent in completing the required work or performing work necessary to leave the site in a nonhazardous condition and restoring habitat as may be needed. The bond/bonds shall be further conditioned upon the payment to the City or its agents in completing the work required to protect or repair adjacent public or private properties from damage from work performed under the permit. Whenever the City Engineer finds that a default has occurred in the performance of any term or condition of work authorized by a permit, he shall give written notice of such default to the principal and surety of the bond. Such notice shall state the work remaining to be done, the estimated cost of completion and the time estimated by the City Engineer to be necessary for the completion of the work. After the receipt of such notice, the principal or the surety must, within the time specified, either complete the work satisfactorily or deposit with the City an amount equal to the City Engineer’s estimate of the completion cost plus an additional sum equal to 25 percent of such cost. (Ord. 3005 § 1, 2005; Ord. 1797 § 1, 1978).