If the Planning Commission finds that a special permit for a planned unit development should be issued, it shall fix the amount of a bond to be filed with the Clerk-Treasurer by the owner of the planned unit development site, which amount shall be approved by the Clerk-Treasurer prior to issuance of the permit. The bond shall be executed by the owner and by a corporate surety authorized to do business in the State. The bond shall be payable to the City to reimburse the City for any damage the City may sustain if the owner or his or her successors or assigns fails to construct and maintain such development, or any part thereof, in compliance with this chapter and with the covenants, conditions and restrictions required under this chapter to be recorded, including, but not limited to, reasonable expenses the City may incur, whether by or without litigation, in obtaining, or attempting to obtain, compliance by the owner or his or her successors and assigns, with this chapter and with such covenants, conditions and restrictions. The condition of the bond shall be that the owner and his or her successors and assigns shall construct and maintain such development in compliance with the requirements of this chapter and with the covenants, conditions and restrictions recorded with the County Clerk as required by this chapter; otherwise, the bond shall remain in full force and effect. (Ord. 1049. Passed 2-26-85.)