The requirements of § 95-49.1E shall not apply to owners who are renting to students on the effective date of this section and are otherwise in compliance with applicable law. The foregoing notwithstanding, at such time as any of the following occur, the owner of a student home previously exempted from application of § 95-49.1E who wishes to rent to students in a student home shall be required to immediately come into full compliance herewith, including, but not limited to, by making application for a special exception hereunder and complying with § 95-49.1E: 1) failure of the owner, manager and/or agent to timely secure an annual license from the Township within the time required in accordance with Chapter 62, Rental Property for a student home; 2) transfer of title to all or part of the property on which the student home is located (any exemption existing hereunder is not transferrable); or, 3) a change in the property's status as a student home.