5. If, following the application for appointment of a receiver, one or more of the interested parties elects to correct the conditions at the property giving rise to the application for the appointment of a receiver, the party or parties shall be required to post security in an amount and character as the court deems appropriate to ensure timely performance of all work necessary to make corrections, as well as such other conditions as the court deems appropriate to effect the timely completion of the corrections by the interested party or parties.