That covenant would allow the property to be subdivided; it also allows for non commercial (so personal, non business use) use of the property.
There are restrictive covenants- which preclude certain types of activities on the land.
Covenants typically run with the land and are on the deed, or the chain of title.
These are binding on future owners of the property. They can be concurrent (mutual promises to be performed simultaneously), dependent (one promises only needs to be performed if the other party performs), or independent .
Yes, if it states that it shall be used for a certain purpose, then that would be controlling.
The Term "shall" legally means must- that no other use will be permitted other than those listed.
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Information provided is for educational purposes only. Consultation with a personal attorney is always recommended so your particular facts may be considered. Thank you and take care.