Signs lawfully existing at the time of the adoption of amendment of this Zoning Code may be continued although the size or location does not conform to this Zoning Code. 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 Zoning Code 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 Zoning Administrator 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 Zoning Code or removed, the Zoning Administrator shall initiate appropriate punitive action. Signs which are not repaired, painted or maintained pursuant to written notification and orders by the Zoning Administrator shall also be subject to punitive action.