Upon the approval of such application, the Building Commissioner shall be instructed to issue the permit, containing the conditions imposed upon it, if any, and such permit shall be issued to the applicant upon posting of a bond in favor of the City, conditioned upon the performance of the terms of the permit. Such bond shall be signed by the applicant, as principal, and a surety company or two good and sufficient sureties satisfactory to the Mayor and approved by the Director of Law. The bond shall be in the amount of one thousand dollars ($1,000) for each acre, or fraction thereof, of property under such permit. The bond shall be filed with the Mayor.