1. These covenants are to take effect immediately and shall be binding on all parties and all persons claiming under them until 15 May 2013, at which time said covenants shall be automatically extended for successive periods of ten years, unless by vote of the majority of the then owners of the lots, it is agreed to change said covenants in whole or in part. The owner reserves an unlimited right to alter these restrictions in its sole discretion where it deems it necessary for the further development of the subdivision.