Avvo is not a good forum for the type of question you seek guidance for. You're going to need to have a local NC property attorney review the Deed and all its restrictons, in conjunciton with the subsequent purchases, to determine the provision applicability to you now. Sounds like lawyer mumbo-jumbo I know, but that is the best way for you to proceed.
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You should review this with an attorney who can verify your existing title. It sounds plausible that the previous owners could have done as they said as they owned over a majority of the acres, but was this properly recorded and executed? Also does tracks of land necessarily correlate to acres in this case, or does it relate to platted lots which could be different.