(a) Restrictions extended under this chapter may be terminated before their expiration date if:
(1) the consent of the owners of a majority of the lots in the subdivision to the termination of the restrictions on a specified date is obtained in the same manner as consent to the extension of restrictions is obtained under this chapter; and
(2) the petitions, written ballots, or both, as applicable, sufficient to reflect the required consent to termination are filed for record in the real property records of the county in which the subdivision is located before the earlier of:
(A) the first anniversary of the date on which the first signature consenting to termination is obtained; or
(B) a date specified under Subsection (b)(2).
(b) Petitions, written ballots, or both, as applicable, used to extend restrictions under this section may provide that:
(1) the restrictions may be terminated only on one or more termination dates specified in the petitions, written ballots, or both, as applicable, used to extend the restrictions; or
(2) the petitions, written ballots, or both, as applicable, sufficient to reflect the required consent to termination must be filed for record before a time specified in the petitions, written ballots, or both, as applicable.