'may', in your sentence, is a modal in from class, and expresses possibility as its meaning. It is possible for a noun to have many modifiers; for example: [The first good big old square red neglected Jamaican stone plantation houses] The bracketed phrase above is a noun phrase; the head noun is houses which is modified by the underlined parts. As you see, houses has 11 modifiers but doesn't make a sentence; it's just a noun phrase.
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'may', in your sentence, is a modal in from class, and expresses possibility as its meaning.
It is possible for a noun to have many modifiers; for example:
[The first good big old square red neglected Jamaican stone plantation houses]
The bracketed phrase above is a noun phrase; the head noun
http://www.dictionary.com/browse/may
Entry #3
It expresses a condition or contingency. Paraphrase:
Even if a noun has many modifiers, it still won't be a sentence.
A noun may have many modifiers, but it still won't be a sentence.