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In all districts, as indicated, if an interior lot:

(a)        was owned separately and individually from all other adjoining tracts of land, both on December 15, 1961, and on the date of application for a building permit; and

(b)        is less than 70 feet deep;

the depth of a required rear yard for such interior lot may be reduced by one foot for each two feet by which the maximum depth of a zoning lot is less than 70 feet. No rear yard is required on any interior lot with a maximum depth of less than 50 feet.