Fermat said:
Let $R$ be a commutative ring and $0\to L\to M\to N\to 0$ be a sequence of $R$ modules. Let $A$ be a multiplicativity closed subset of $R$ so that we can consider the corresponding localisation sequence: $0\to A^{-1}L\to A^{-1}M\to A^{-1}N\to 0$.
This corresponding localization sequence is exact regardless of $A$, here is a proof.
Suppose $0 \to L \to M \to N\to 0$ is exact sequence of $R$-modules, then,
$ 0 \to A^{-1} L \to A^{-1} M \to A^{-1} N \to 0 $ is exact sequence of $A^{-1}R$-modules.
Let $f:L\to M$ and $g:M\to N$. The induced maps are $f^*:A^{-1}L \to A^{-1}M$ given by $f(l/a) = f(l)/a$ and $g^*:A^{-1} M \to A^{-1} N$ given by $g(m/a) = g(m)/a$.
To show that $ 0 \to A^{-1} L \to A^{-1} M \to A^{-1} N \to 0 $ is exact we have to show that $f^*$ is injective, $g^*$ is surjective, and $\text{im} f^* = \ker g^*$. We verify all of these three properties in order:
(i) $f^*$ injective: Suppose that $f^*(l/a) = 0$ so $f(l)/a = 0/a$ and it follows that $a'f(l) = 0$ for some $a' \in A$ from definition of fractions with denominators in $A$. But $f:L\to M$ is a map of $R$-modules, hence $a'f(l) = 0 \implies f(a'l) = 0$, as $f$ is injective we get $a'l = 0$. Thus, $l/a = a'l/aa' = 0/aa' = 0$.
(ii) $g^*$ is surjective: Take any $n/a \in A^{-1} N$, as $g:M\to N$ is surjective choose $m\in M$ such that $g(m) = n$. We then have that $g^*(m/a) = g(m)/a = n/a$.
(iii) $\text{im} f^* \subseteq \ker g^*$: Let $m/a \in \text{im} f^*$ and write $m/a = f^*(l/a')$ for some $l\in L$, and $a'\in A$, so $m/a = f(l)/a'$. Thus, $g^*(m/a) = g^*(f(l)/a) = g(f(l))/a = 0$ as the original sequence was exact and so $g(f(l)) = 0$.
(iv) $\ker g^* \subseteq \text{im} f^*$: Let $m/a \in A^{-1} M$ be such that $g^*(m/a) = 0$, so that, $g(m)/a = 0$, hence, $a'g(m) = 0$ for some $a'\in A$. Now as $g:M\to N$ is a map of modules we can write $g(a'm) = 0$. By the exactness of the original sequence we get $a'm = f(l)$ for some $l\in L$. Thus, $f(l/aa') = f(l)/aa' = a'm/aa' = m/a$.