I would like to ask for your opinion regarding a particular line in my Deed of Sale (with a Developer) concerning: scope of validity of the deed.
It the restriction it says: (paragraph 3)
NOW THEREFORE, the DEVELOPER hereby declares that all Properties sold shall be used and improved subject to the following limitations, conditions, and restrictions ("the Restrictions"), and these Restrictions shall be applicable to all saleable houses and lots, the buyers and homeowners residing within the subdivisions, their successors and assigns, and all parties acquiring any title or interest in or to any part of the subdivisions.
My question is on the bolded texts above. Is my understanding correct, that if my property is already fully paid then this Deed of Restriction is no longer valid?
Secondly, for example my property is loaned to HDMF/Pag-Ibig, hence to my view the property is already fully paid (to the developer) considering that I no longer owe them any centavo. If so is the case, how does this deed of restriction applicable to me?
Thanks a lot for your help.