A covenant running with the land executed after August 1, 1997, must contain provisions addressing the modification of the covenant. If a covenant running with the land does not contain provisions relating to the modification of the covenant, eighty-five percent of all of the owners of the real property subject to the covenant may agree, in writing, to amend the covenant to include provisions relating to the modification of the covenant. Following approval of any modification, the modified covenant
must be filed for recording with the recorder. This section does not apply to subdivisions that are not completed unless the subdivision has been in development for over fifteen years.