So I contacted ARM and got some more information. For example if you did this it LDREX/STREX would fail:
LDREX address1
LDREX address2
STREX address1
The STREX to address1 would pass even though the last LDREX was not for address1. This is correct as that the LDREX/STREX address resolution is the entire memory space.
So I was worried that if you have a two tasks: and the first one got interrupted after the first LDREX, and then the second task got interrupted after the second LDREX to address2 and then the first task got processor back and tried the STREX it would cause a problem. However it appears that ARM issues CLREX on every exception/interrupt entry and exit. Therefore the STREX would fail as that the tasks had to be preemptive by an interrupt. That is if any interrupt occurs between LDREX and STREX the STREX will fail. So you want to keep the code as small as possible between LDREX and STREX to reduce the chances of interrupt. Additionally if the STREX fails you most likely want to try the LDREX/STREX process once or twice more before giving up.
Again this is for a single core M3/M4/M7.
Note the only place I found the reference to the CLREX being cleared with exception was in the ArmV7-M Architecture Reference Manual in section A3.4.4 Context switch support. This document is much better than anything I found online describing how the LDREX/STREX actually works.