When evidence discloses that the licensee has refused, failed or neglected to correct or abate violations of any applicable code or ordinance in performance or any work done pursuant to a license within a reasonable time after having been notified by the Commissioner of Building and Zoning Inspection, the Commissioner may require the licensee to furnish a performance bond in the sum of five thousand dollars ($5,000) guaranteeing full and faithful compliance by the licensee with all provisions of any applicable code or ordinance of the City and binding the surety thereon to correct or abate any violations of any applicable code or ordinance of the City whenever the applicant for a license named as the principal on such bond refuses, neglects or fails to correct or abate such violation within a reasonable time limit set by the Building Commissioner.