(a) This chapter applies if any of the following conditions is satisfied:(1) The owner of the fee interest in property contracts for a work of improvement on the property with a contract price greater than five million dollars ($5,000,000).(2) The owner of a less than fee interest in property, including a leasehold interest, contracts for a work of improvement on the property with a contract price greater than one million dollars ($1,000,000).(b) For the purpose of this section: (1) The owner of the fee interest in property is not deemed to be the owner of a less than fee interest by reason of a mortgage, deed of trust, ground lease, or other lien or encumbrance or right of occupancy that encumbers the fee interest.(2) A lessee of real property is deemed to be the owner of a fee interest in the real property if all of the following conditions are satisfied:(A) The initial term of the lease is at least 35 years.(B) The lease covers one or more lawful parcels under the Subdivision Map Act, Division 2 (commencing with Section 66410) of Title 7 of the Government Code, and any applicable local ordinance adopted under that act, in their entirety, including, but not limited to, a parcel approved pursuant to a certificate of compliance proceeding.Added by Stats 2010 ch 697 (SB 189),s 20, eff. 1/1/2011, op. 7/1/2012.