Exemption [For application of this section, see 79 Del. Laws, c. 304, 7].

(a) Resident-owned communities shall be exempt from the provisions of this subchapter. (b) Any deed subject to lease community shall be exempt from the provisions of this subchapter. A deed subject to lease community is a community wherein each homeowner has a deed subject to lease recorded with the recorder of deeds, has a long-term lease of at least 40 years’ duration where the lease includes specific rent increases, and wherein each home is of modular construction.