Any lot of record on the effective date of these regulations which is located in any R District and which does not comply in area and/or minimum dimensions with the requirements of the district in which it is located, may be used for a single-family structure, provided that all setback and other requirements of this chapter are complied with, and that the owner of such lot did not directly or indirectly have legal title to or enjoy the beneficial interest in the lot or lots contiguous thereto since January 10, 1967. No building permit shall be issued for construction on any sub-standard lot or lot contiguous or adjacent to said sub-standard lot, which lot was of record at the time of the adoption of these regulations if said lot is adjacent and contiguous to another lot which since January 10, 1967, was in the same ownership or whose ownership had beneficial interest in said lot, unless said lots are combined into one lot meeting the requirements of the zoning district which is applicable. On lots of record at the time of adoption or amendment of these regulations having a width of less than 60 feet, the side yards may be reduced as follows for a single-family dwelling only:

   1.   Each side yard may be reduced to not less than 10 percent of the lot width.

   2.   On corner lots, only the interior side yard may be reduced below seven feet. (See also Section 165.22(5).)