The applicant shall also file a performance bond, certified check or assignment of certificate of deposit or savings account for one hundred ten percent of the amount of the estimated cost of such alteration, repairs, changes, additions or rebuilding, as estimated by the building inspector, and such performance bond, certified check or assignment shall be conditioned upon the owner, resident or other individual securing such permit, faithfully bringing the building or structure so moved and/or altered, up to all standards as required by the building codes and ordinances of the city and shall further be conditioned upon the owner-applicant completing such work and complying with the building code and ordinances of the city within twelve months from the date such permit is granted. (Ord. 606 § 1, 1988; Ord. 341 § 3(C) (4), 1978).