A building devoted to a nonconforming use destroyed or damaged by fire, wind, explosion, structural failure or other natural cause to the extent less than 75% of its true value at the time of such damage, as adjusted from assessed value, based upon State Board of Equalization rates, may be replaced, provided that application for a building permit is made within three months subsequent to the date of such damage or destruction, and further provided that such restoration shall be diligently carried out and completed within a time specified by the Common Council. A building devoted to a nonconforming use destroyed or damaged by fire, wind, explosion, structural failure or other natural cause to an extent greater than 75% of its true value at the time of such damage, as adjusted from assessed value, based upon State Board of Equalization rates, shall not be rebuilt except in conformity with the regulations of the district in which such use is located.