A notice of pendency shall be effective for a term of 3 years from the date of recording with the recorder of deeds. Before expiration of a term or an extended term, the court, upon motion of the party recording the notice, for good cause shown, may grant an extension for a like additional term. An extension order shall be recorded with the recorder of deeds before expiration of the prior term. An extension order shall be recorded with the recorder of deeds before expiration of the prior term and no extension order may be entered by any court after the expiration of the original term or any extended term.