The conditions of the bond shall specify that the principal shall comply with all of the provisions and requirements of this article and any and all amendments thereto, and that in default thereof the principals shall upon demand pay to the City of Los Angeles all charges, costs, and expenses incurred by the City with respect to any abandonment or demolition of any oil well, in the event of a failure on the part of the principal to abandon or demolish any oil well as required by this article, and shall upon demand pay to the City all charges, costs, an expenses incurred by the City with respect to altering, reconstruction or repairing any oil well so as to cause the same to comply with the provisions of this article in the event of the failure on the part of the principal to comply with such provisions.