The following provisions shall apply to any lot which lawfully existed at the time of the adoption of the zoning regulations or any amendment thereto, but which presently does not conform to the zoning requirements for lot area, lot width, lot frontage or lot location:
A. Such lots may be used for any use permitted in the district in which it is located, subject to the following requirements:
(1) At the time of and since the adoption of the zoning regulation making such lot nonconforming, the owner of the lot shall not have owned any adjoining property; or the lot must be part of a recorded subdivision approved by the Planning Board or the Zoning Board of Adjustment; and
(2) All other applicable zoning regulations besides lot area, lot width, lot frontage or lot location must be complied with.
B. Such lots shall not be subdivided so as to increase the degree or extent of any nonconforming lot condition or so as to prevent compliance with this chapter by any reasonable future development on the property.