When a recorded instrument has created, or shall create, an option to purchase or lease real estate, other than housing restrictions as set forth in § 34-39.1-3, and conservation restrictions and preservation restrictions as set forth in § 34-39-3 and § 34-39-4, which, according to its terms, or by operation of law, has expired, and one year has elapsed since the time of expiration, and no conveyance, contract, lease, or other instrument has been recorded showing that the option has been exercised or extended, then the instrument creating the option shall cease to be notice to any person or to put any person on inquiry, with respect to the existence, exercise, or extension of the option or of any contract, conveyance, lease, or other writing which may have been executed pursuant to the option. The one year period provided for in this section shall not be extended by any disability, absence from the state, acknowledgment, or new promise not of record, payment after maturity, or for any other cause.