The commissioner may require, as a condition to a lease, easement, permit or lesser interest and prior to commencement of work, that the lessee, grantee or permittee post a bond of specified amount with the commissioner. The bonds shall be required in an amount to ensure faithful compliance with the terms and conditions of the lease, easement, permit or lesser interest, and is used for the indemnification of the State for any costs which might result from failure to so comply. Such bond may also be utilized by the commissioner to implement performance of conditions upon the failure of a lessee, grantee or permittee to properly implement any such conditions. The bond shall remain in effect until the work is completed to the satisfaction of the commissioner.