Trying to find a hotel and rate for a trip that I'm only 50% sure I will actually go on.

One hotel has a good summer promotion rate. On rate list page the title says: "Summer Promotion, prepay in full, non-refundable, no changes, see Rate Rules" and when I click on Rate Rules, it says "You may cancel your reservation for no charge until July 18, 2013 (1 day[s] before arrival).
Please note that we will assess a fee of 422.00 EUR if you must cancel after this deadline. "

What would you make of this? I assume it actually is "cancel for free" until July 18? I mean, I assume rate rules itself should override the title?