Any nonconforming use, if damaged or destroyed from any cause to the extent, as determined by the Building Official in consultation with the City Assessor, of over 50% of the current replacement cost of such structure above the foundation, shall not be rebuilt or restored for the continuance of a nonconforming use therein. Such building, if damaged to the extent, as determined by the Building Official, of less than 50% of the replacement cost of such structure above the foundations, may be restored in the same location provided that it is not enlarged or extended; it is made substantially to conform to the height and yard requirements applicable to the district in which it is located; the Commission grants permission for the restoration and continuance thereof without the enlargement or extension of any previously existing nonconforming use therein subject to such additional limitations and safeguards as the Commission may deem necessary in the public interest for the protection of nearby conforming uses.