(a) Subject to Section 880.370 (grace period for recording notice) and except as otherwise provided in this section, this chapter applies on the operative date to all powers of termination, whether executed or recorded before, on, or after the operative date.
(b) If breach of the restriction to which the fee simple estate is subject occurred before the operative date of this chapter and the power of termination is not exercised before the operative date of this chapter, the power of termination shall be exercised, or in the case of a power of termination of record, exercised of record, within the earlier of the following times:
(1) The time that would be applicable pursuant to the law in effect immediately prior to the operative date of this chapter.
(2) Five years after the operative date of this chapter.
(c) As used in this section, “operative date” means the operative date of this chapter as enacted or, with respect to any amendment of a section of this chapter, the operative date of the amendment.
(Amended by Stats. 1991, Ch. 156, Sec. 17.)