I am considering buying a house. There's a restrictive covenant attached to it that begins as follows (emphasis mine, blanks contain the original husband and wife who were the developers):
_____ and ______ (developers) do hereby inact the following reservations and restrictive covenants on the subdivision as hereinafter defined.
The reservations and restrictive covenants herinafter set out are to run with the land and shall be binding on all parties who acquire an interest in said subdivision through the developer.
If the owner(s) of any lot(s) in the subdivision, or their heirs or assigns, shall violate any of the covenants hereinafter set out, it shall be lawful for any other person owning real property situated in said subdivisions to prosecute any proceedings at law or in equity against the person or persons violating any of such covenants, and to either prevent them from doing so or to recover damages for such violations, or both.
Later, it adds
If the developer shall fail to approve or disapprove the plans and specifications as submitted withing [SIC] thirty (30) days after written request thereof, then such approval shall not be required providing that no building or other structure shall be erected, which violates any of the covenants herein contained.
Under a Definitions section, it says,
A. "DEVELOPER" means:
(1) ____ and _____ or the survivor thereof;
(2) That individual(s) or entity appointed in writing by developer and filed with the Register of Deeds of [County] as successor developer, which shall include any individual(s) or entity who receives by sale, transfer, inheritance, or assignment the entire unsold interest of developer in the subdivision other than individual purchasers of lot(s) from the developer.
A number of the covenants require the lot owner to obtain written approval from the developer before proceeding with a project. The original named developers passed away decades ago. I do not know if their company (if any) still exists, or if anyone was appointed as their successor. While the document specifically allows neighbors to sue for violating the covenant, it is unclear how one could ask for approval from a deceased or non-existent developer. (I need to figure that out, too.)
If I were to purchase the property from the current lot owner, and if the current lot owner isn't the developer, it would seem to me that the above document would no longer apply to me because I didn't "acquire an interest in said subdivision through the developer". In other words, I would not be bound by any of the terms contained in it. Note: most similar agreements I've found do not include that clause.
Is this a correct interpretation? Why/why not?