The conversion, dedication, or declaration of any hotel, motel and/or condominium unit, as defined by the provisions of the Delaware Unit Property Act, within the Town of Dewey Beach to fractional time unit ownership or ownership commonly known as "timeshare interests" is prohibited. Any hotel, motel and/or condominium, declaration of hotel, motel and/or condominium and hotel, motel and/or condominium code of regulations describing or providing for a fractional interest timeshare form of ownership which was filed on record in the Office of the Recorder of Deeds in and for Sussex County as of October 8, 2005, shall not be subject to the prohibitions of this section.