In the event that the Chief Inspector determines that the condition of the dwelling unit does violate an ordinance, code, statute or regulation as provided above, but that occupancy thereof for a short period of time will not endanger life, safety or health, and if the landlord agrees to correct such violation within a period of time to be prescribed by the Chief Inspector, which shall not be in excess of 60 days, then the Chief Inspector may issue a temporary certificate of occupancy permitting occupancy of the dwelling unit for such period of time; provided, however, that before issuing such temporary certificate of occupancy, the Chief Inspector shall first estimate the maximum reasonable cost of curing said violation and shall cause the landlord to deposit with the City of Englewood a sum equal to 1 1/2 times said estimated cost, the same to be held by the City to ensure the performance of the required corrective work. If the landlord does cure said violation within the prescribed time period, such deposit shall be returned to him; otherwise, the Chief Inspector shall be authorized to cause the corrective work to be done and to apply the deposit to cover the cost thereof, after which any portion of said deposit which shall not have been used for said purpose shall be returned to the landlord.