On a lot held in single and separate ownership on the effective date of this chapter (May 26, 1976) or any amendment thereto, which does not fulfill the regulations for the minimum lot area and/or lot width for the district in which it is located, a building may be erected, altered and used and the lot may be used for a conforming (permitted) use, provided the yard and other requirements of this chapter are not less than the minimum specified for the zone in which the lot is located.