Real Estate Law
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The answer depends on whether that restriction is some sort of covenant that runs with the land due to zoning or an HOA. If not, then there should be no restrictions. Of course, it also begs the question as to why the current owner's deed has that restriction. But if you were to purchase, you can certainly demand that your deed not place any residency restrictions on it (again, this assumes that there is no covenant that requires it). Obviously, before you were to enter into a contract to purchase, you would find out all of this info by talking to the current owner and have the title reviewed by a local real estate attorney so that you know what you're getting yourself into with the purchase.
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Not usually. Who would enforce the restriction? Any restriction like that has to be in favor of another party (and usually through an HOA). That said, it's possible that a neighbor bargained for the right to enforce the restriction. That's why you'll need a title review to be certain.
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It looks like you were about to write what the deed says, but didn't finish.