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(a) For the purposes of this Zoning Ordinance, a substandard lot shall be defined as follows:
(1) Any lot not having the required minimum lot area of the zoning district which it is in but having a minimum lot area of at least five thousand (5,000) square feet; and
(2) This lot is a lot of record as of the effective date of this Ordinance and amendments thereto, or is a lot for which a land contract has been issued as of the effective date of this Ordinance; or
(3) This lot is a lot in an unrecorded allotment of which at least one half (1/2) of such lots are of record as of the effective date of this Ordinance.
(b) Any lot which has been defined as substandard according to the criteria just identified, may be used for the purpose of erecting a single family dwelling. In place of the dimensional requirements of the particular zoning district, the following minimum requirements shall apply:
(1) Minimum side yard depth: Ten (10) percent of the width of the lot, but in no case less than five (5) feet.
(2) Minimum rear yard depth: Twenty (20) percent of the depth of the lot, but in no case less than twenty (20) feet.
(3) Minimum front yard depth: Same as district requirement.