A faithful performance bond shall be filed in the office of the chief building official before any relocation permit shall be issued. The bond shall be in an amount at least ten percent more than the chief building official's estimated cost of the work required under terms and conditions imposed upon the relocation permit. Said bond shall guarantee that the required work shall be completed within ninety (90) days of the date on which said building is moved to its new location; provided, however, that such time may be extended by the chief building official upon written application showing good cause therefore. In lieu of said faithful performance bond, a cash deposit in the required amount may be made with the chief building official. (Prior code § 7840(g))