Damage and destruction or demolition. A building or structure occupied by a nonconforming use or noncomplying as to bulk or parking requirements, damaged by fire or other causes, including demolition; to the extent of 50% or greater of the last full value as shown in the records located in the Town Assessor's office, excluding the assessed valuation of the land thereof, shall not be repaired or rebuilt except in conformity with the requirements of this article, including parking requirements. Any building, structure or any part thereof occupied by a nonconforming use or noncomplying as to bulk or parking requirements, which is damaged to an extent less than 50% of last full value as shown in the records located in the Town Assessor's office, excluding the assessed valuation of the land, may be repaired, provided that a building permit is obtained within one year after such damage; otherwise such building, structure or part thereof shall thereafter be occupied only by a conforming use and shall comply with the bulk and parking requirements of this article.