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There have been many expensive and lengthy courtcase is about whether covenants like this are enforceable.
Generally it comes down to who has the benefit and who has the burden and also, whether the benefit and burdenare said to be personal to whoever instigated and accepted them at the time orwhether they are said to "run with the land".
In that respect, this one is quite clear that it binds the previous owner of your property but not you because it says "Personal Covenants" (ie the covenant was personal between the Developer and the Seller and furthermore the covenant states
"The Transferors covenant with the Transferee" which means the covenant is only enforceable against "the Transferor" and not yourself.
In summing up, therefore, this covenant does not "run with your land" and therefore the Developer certainly can not insist that any such rear fence is maintained by you.
I must say it would be usual for this covenant still to appear on your Title, but as I have said, it is irrelevant now anyway.
I hope this sets out the legal position to you and assists.