Any non-conforming structure or building which has been damaged by fire, flood, explosion, wind, earthquake, war, riot or other calamity or act of God to an extent of more than fifty percent (50%) of the fair market value, exclusive of land and foundations at the time of such damage or destruction, shall not be reconstructed unless the building or structure and the use conform with this Chapter. If less than fifty percent (50%) damage above the foundation occurs, it may be restored, reconstructed or used as before, provided that such restoration is commenced within one hundred ten (110) days. If construction is not commenced within one hundred ten (110) days, the use of said land or structure shall thereafter conform with the provisions of this Chapter. Fair market value shall be determined by reference to current statutory provisions pertaining to real estate assessment and the records of the County Assessor.