(a) If a planned community:
(1) contains no more than 24 units and is not subject to any development rights; or
(2) provides in its declaration that the annual average common expense liability of all units restricted to residential purposes, exclusive of optional user fees and any insurance premiums paid by the association, may not exceed $300.00 as adjusted pursuant to section 1-115 of this title, it is subject only to sections 1-105, 1-106, and 1-107 of this title unless the declaration provides that this entire title is applicable.
(b) The exemption provided in subdivision (a)(2) of this section applies only if:
(1) the declarant reasonably believes in good faith that the maximum stated assessment will be sufficient to pay the expenses of the planned community; and
(2) the declarant provides that the assessment may not be increased above the limitation in subdivision (a)(2) of this section during the period of declarant’s control without the consent of all unit owners.