This is mostly correct.
The AND and OR are to be understood like this: if the short has a limit above the feed, then point 5 applies. If it doesn't have a limit, or if the limit is below the feed, then points 1-4 must all apply.
Point three may be misleading - the short will execute at the price feed if its limit is below the feed (BTS per USD). Point 1 should be "...at the price feed or above (BTS per USD)."
Forced covers are executed at the feed price or up to 11% above. (This is going to change with the new market engine.)
About the fee I'm not sure.