If the compensation and damages arising from such taking, using and appropriating of private property, for the purposes aforesaid, cannot be agreed upon by the owners thereof and such municipalities, it shall be lawful for such municipalities [sic] to tender its bond as security to the party claimant or entitled to any damages, or to the attorney or agent of any absent person, or to the agent or other officer of a corporation, or to the guardian or committee of any person under legal incapacity; the condition of which shall be, that the said municipality shall pay or cause to be paid such amount of damages as the party shall be entitled to receive, after the same shall have been agreed upon or assessed in the manner provided in this act. In case the party or parties claiming damages refuses or do not accept the security so tendered, the said municipality shall then give the party, his or their agent, attorney, guardian or committee, at least ten days' written notice of the time when the same will be presented in any court of common pleas of the county in which the land so to be acquired, taken, used or appropriated is situate, for approval; and thereafter the said municipality may present its bond to said court of common pleas, and, when approved, the said bond shall be filed in said court for the benefit of those interested, and recovery may be had thereon for the amount of damages ascertained or finally determined, if the same be not paid or cannot be made by execution on the judgment in the issue formed to try the question; and upon the approval of said security, and municipality may enter into possession, take, hold, use and enjoy said land, for the purposes aforesaid, forever.