No nonconforming building damaged by fire (or other causes) to the extent of more than 75% of its market value shall be repaired or rebuilt, except in conformity with the bulk and area regulations of this chapter. The building can be rebuilt for the use it contained prior to the damage by fire (or other causes) if a building permit is obtained from the Town Board within 12 months of the destruction by fire or other calamity. Such damaged building shall be repaired or demolished within 12 months of the date of the fire (or other causes).