In the case of any lot which is substandard in area by the terms of this chapter but was once legally buildable and thereafter singly and separately held in fee ownership, the rights acquired or existing therein for the use of said lot as a legally buildable lot shall terminate and become nonexistent and void should said substandard lot merge in fee with any adjoining land or property, thereby creating a larger lot, whether or not such larger lot conforms to the area requirements of this chapter, or thereby enlarging an adjoining lot already conforming to such requirements. Such merger shall be deemed to occur when the same person or persons acquire, obtain or have fee ownership in both lots, whether by purchase, sale, devise, gift or otherwise.