Any applicant using or excavating any portion of any street pursuant to the issuance of a permit shall save and keep the village free, clear and harmless from any loss or liability on account of any accident or damages resulting from such excavation or work, and shall enter into a hold harmless agreement with the village to this effect at the time the permit is issued. The applicant shall fully remove all material, dirt and rubbish from the space so occupied, and restore such street to its original condition immediately upon the expiration of the period named in the permit.
('73 Code, § 5.08(c))