Any recorded contract or other instrument, 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 has created or shall create a right or obligation (other than an option) to purchase or sell real estate shall cease to be notice to any person or to put any person on inquiry with respect thereto unless, within ninety (90) days after the date therein provided for the delivery of the deed, or if no date is therein provided, then within ninety (90) days after the date therein provided for the payment of the final payment or instalment of the purchase price, or if no delivery date or payment date is therein provided, then within ninety (90) days after the date of the recording of the contract or other instrument, an action or proceeding shall have been commenced to enforce the contract or other instrument and a notice of the pendency of the action, containing a reference to the contract or other instrument and the book and page of the recording thereof and a description of the real estate sufficient to identify it, shall have been duly recorded. The ninety (90) day period provided for in this section shall not be extended by any disability, absence from the state, acknowledgement, or new promise not of record, payment after maturity, or for any other cause with the exception that the ninety (90) day period may be extended by agreement of all the parties to the contract or other instrument at the time of the execution of the contract or other instrument.