When William subdivided his property and sold three lake front lots, he retained a large lot back from the water, with a panoramic view. To protect the value of the lot he retained, he sold each lot subject to a restrictive covenant prohibiting any commercial use. These were properly registered. Over the next 10 years, the various owners of lots 1 and 2 had operated a campground and a motel on their lots, with no objection from William. However, when the new owner of lot 3 opened a marina, which meant too many boats around for William's liking, he brought an action for an injunction against the owner of lot 3 to prevent the operation of the marina because it contravened the restrictive covenant. Which of the following is TRUE?

1. William would easily succeed in an injunction against the owners of all 3 lots for the various commercial enterprises being operated.
2. William's failure to take action against the owners of lots 1 and 2 for 10 years may give a court grounds to cancel or modify the restrictive covenant.
3. A restrictive covenant cannot limit a person's ability to make a livelihood.
4. None of the above