This chapter applies only to a residential real estate subdivision that:
(1) is located wholly or partly in a municipality with a population of more than two million located in a county with a population of 3.3 million or more; and
(2) is subject to restrictions the terms of which:
(A) provide that the restrictions expire;
(B) permit the restrictions to be extended after the initial restriction period expires if a majority of the owners of lots in the subdivision, by a written instrument that is acknowledged and filed for record, signify consent to the extension of the restrictions for a further period the maximum length of which is specified by the restrictions; and
(C) do not expressly provide for or expressly prohibit successive extensions of the restrictions after the expiration of the initial extension period.