Something similar happened to an old employer. He bought another business, with an escape clause allowing the sale price to be varied by him if a certain contract was lost, but his accountant worded it so loosely that the original owners were able to ignore it.
This sort of thing just shouldn't be written in English - a formal language for contracts would sort this sort of thing out. Failing that, they should have used two sentences:
The agreement shall continue in force for a period of five years from the date it is made. Thereafter it shall continue for successive five year terms, unless and until terminated by one year prior notice in writing by either party.
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Could you now find a story about somebody being hideously maimed after using apostrophe's in the wrong place?
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This sort of thing just shouldn't be written in English - a formal language for contracts would sort this sort of thing out. Failing that, they should have used two sentences:
The agreement shall continue in force for a period of five years from the date it is made. Thereafter it shall continue for successive five year terms, unless and until terminated by one year prior notice in writing by either party.
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