Pretty gnarly.

Some quick observations:

Not clear if this is an immediate concern, since you can make a "Derivative of the Model" which arguably gets you out from under this clause.

"Version" is poorly defined--I could see someone trying to take an aggressive stance that a sufficiently degraded update is not an updated "version", but something else.

"Reasonable efforts" is potentially (depending on jurisdiction) a hole large enough to drive a truck through. E.g., if you build a service that depends on their model, and then they release a degraded one that makes it so that you can't service a large % of your users anymore, you could argue that there is no "reasonable effort" available that allows you to transition to the new model (given the corresponding commercial costs).

If you want to rely on any of the above, though, you definitely should get your counsel's blessing...