When evidence discloses that the registrant has refused, failed or neglected to correct or abate violations of any applicable code or ordinance in performance of work done pursuant to a certificate of registration within a reasonable time after having been notified by the Commissioner of Building and Zoning Inspection, the Commissioner may require the registrant to furnish a performance bond in the amount of ten thousand dollars ($10,000) guaranteeing full and faithful compliance by the applicant with all provisions of any applicable code or ordinance of the City whenever the applicant for registration named as the principal on such bond refuses, neglects or fails to correct or abate such violation within a reasonable time set by the Commissioner.