Grandfather clause. All lots created by subdivision prior to the effective date of this revision and having a minimum width of 45 feet at the street line or on the ocean or the bay and a minimum lot area of 5,000 feet, in single individual ownership with a deed vesting such ownership duly of record in the Ocean County Clerk's office in Toms River, New Jersey, on or before June 1, 1982, shall, for purposes of this chapter, be considered conforming lots. Any lot having a minimum lot area of 5,000 square feet and a minimum width of 45 feet at the street line or on the ocean or the bay which has been created by formal action of the Borough of Barnegat Light Planning Board shall, for a period of five years from the final approval granted by the Borough of Barnegat Light Planning Board, be considered to be a valid and conforming lot even though said lot shall not be in individual ownership as of June 1, 1982.