Matching words that are not inside any comment with regular expressions and Unix tools

How can I use sed, awk or something else to match for the occurences of the word type, where the lines containing type do not have any occurences of ! before the occurence of type? Then replace type with something else?

So I am asking to match the occurences of word type which aren't inside Fortran 90 comments.

EDIT

Multiple occurences of the word on the same line, before ! should also be replaced.
! does not function as comment character when inside single or double quotes, so occurences following "!", '!', "'!'" should also be replaced. I think this makes the task quite complicated.
Words that contain type should not be changed, like footype.

Possible solution:

awk -F '!' -v OFS='!' '{ gsub("\\<type\\>", "replacement", $1) } 1' file

seems to solve the issue, but it still cannot handle the ! inside quotes.

Minimal example

  type = 2 +type
  type type 
  lel = "!" type
  lel = '!' type
  lel = "'!'" type
  ! type=2
type
footype

Should turn into:

  replacement = 2 +replacement
  replacement replacement 
  lel = "!" replacement
  lel = '!' replacement
  lel = "'!'" replacement
  ! type=2
replacement
footype

Solution

EDIT: Given the new constraints, and assuming your comment !'s are always encapsulated by spaces and the quoted !'s are not, a minor change to tripleee's answer would work:
Include the encapsulating spaces in the field separator.

Test case: ( with random occurrences of the conditions thrown in )

 odd= (/ '!'1,3,5,7,9 /)  ! array assignment
 even=(/ 2,4,6,8,10 /) ! array assignment
 a=1"'!'"write         ! testing: write
 b=2
 c=a+b+e      ! element by element assignment
 c(odd)=c(even)-1  ! can use arrays of indices on both sides
 d=sin(c)     ! element by element application of intrinsics
 write(*,*)d
 write(*,*)abs(d)  ! many intrinsic functions are generic 
 write(*,*)abs(d)write  ! many intrinsic functions are generic
 write(c=a+b+e)      ! element by write element assignment
 write(*,*)abs("!"d)write  ! many intrinsic functions are generic

Command and output:

$ awk -F ' ! ' -v OFS=' ! ' '{ gsub("write", "replacement", $1) } 1' type

 odd= (/ '!'1,3,5,7,9 /)  ! array assignment
 even=(/ 2,4,6,8,10 /) ! array assignment
 a=1"'!'"replacement         ! testing: write
 b=2
 c=a+b+e      ! element by element assignment
 c(odd)=c(even)-1  ! can use arrays of indices on both sides
 d=sin(c)     ! element by element application of intrinsics
 replacement(*,*)d
 replacement(*,*)abs(d)  ! many intrinsic functions are generic 
 replacement(*,*)abs(d)replacement  ! many intrinsic functions are generic
 replacement(c=a+b+e)      ! element by write element assignment
 replacement(*,*)abs("!"d)replacement  ! many intrinsic functions are generic