Hmmm. My first inclination is to say that this seems pretty iron-clad. But, I could be wrong...perhaps, you could call the admissions office (but don't identify yourself) and ask. Here's the question though: Would you mind going to that school if this we're an iron-clad agreement. Or, is this just a safe bet until you hear from some place you really want to go? For instance, if this we're say Stanford (and that was one of your top choices), then go ahead and submit it. But, if its not even a serious consideration, then why lock yourself in if you're (1) absolutely, positively sure that they'll better/other options or (2) if this isn't the best fit for you.
Just my 2cents. I hope this helps.