Signs lawfully existing at the time of the adoption or amendment of this chapter may be continued although the size or location does not conform to this chapter. However, all nonconforming signs shall be deemed to have exhausted their economic life after seven years from the time they became a nonconforming use. Nonconforming signs, after this seven-year period, shall either be made to conform to the terms of this chapter or shall be removed by the owner, agent, or person having beneficial use of the property. Nonconforming signs, during the seven-year grace period, shall be kept in good repair, but the cost of maintenance shall not be considered grounds for their continued use beyond the seven-year period. The Village Planning Commission shall, after the seven-year grace period, notify the owner, agent, or person having beneficial use of the property, of the expiration of the grace period. After 30 days, if the sign has not been made to conform to this chapter or removed, the Planning Commission shall initiate appropriate punitive action. Signs which are not repaired, painted or maintained pursuant to written notification and orders by the Planning Commission shall also be subject to punitive action.