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Anon @ 16.53. What I mean is that:
“The Treaties shall cease to apply to the State in question from the date of entry into force of the withdrawal agreement or, failing that, two years after the notification referred to in paragraph 2,” is qualified only by “unless the European Council, in agreement with the Member State concerned, unanimously decides to extend this period”.
The first part creates an obligation. “The Treaties SHALL cease to apply to the state.” The second part provides a single qualification, and that only relates to extending the timetable.

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