security for seller

[jim hoffer]

a seller seeks to add deed restrictions to a 2 acre parcel, and wants to add a deed covenant of first right of refusal so that he can maintain control of the land in perpetuity. a banker is balking at having to deal with this situation in the event that a forclosure action requires a sheriffs sale. The banker has no objection to a side agreement between a buyer and seller so long as it does not bind the bank. Can a fully enforceable legal agreement be put into place that, assuming a buyer is accepting of its terms, protects a seller just as well as deed covenants. if so, what mechanism(s) are suggested. if an agreement is recorded, is that a better form of security for a seller?