At the time application for a license pursuant to Section 701.02 is made, where use of Village grounds is contemplated, the applicant shall deposit with the Clerk a cash bond of one hundred and fifty dollars ($150.00), conditioned upon the restoration and cleaning up of the grounds in a manner satisfactory to the Administrator. In the event the grounds shall be restored and cleaned up properly following the exhibition, the deposit shall be returned; otherwise the same shall be forfeited to the Municipality.