Wherever a legal nonconforming use shall have been abandoned for a period exceeding 12 months, or wherever a legal nonconforming use is substantially destroyed or altered, the land or structure in which said legal nonconforming use shall have existed shall not thereafter be used for any nonconforming use. "Substantially destroyed," as used above, shall mean that the cost of repair to replace the structure subject to such nonconforming use exceeds 50% of the current structural replacement value thereof.