(A) Before a building permit is issued, the applicant shall furnish a performance bond, irrevocable letter of credit or a cash bond deposited with the village. The amount and terms of the performance bond, irrevocable letter of credit or cash bond shall be established and approved by the Village Council or its designee. The purpose of the requirements set forth in this section is to permit the property to be restored to its original state in the event of a default on the part of the applicant in completing the project according to the terms of the site plan, the statement of conditions and this chapter. The requirements set forth in this section shall become effective upon the issuance of a building permit with respect to each and every one of the development phases which are part of an approved site plan, or an amended site plan. Such requirements will not extend beyond a period of five years from the date on which a site plan, or amended site plan, is approved by the Village Council.
(B) The requirements set forth herein shall cease and terminate upon the first of the following to occur:
(1) The expiration of the five-year period mentioned above; or
(2) Upon a final occupancy permit having been signed and issued by all departments required to sign such permit with respect to each and every phase of the development.