Leave & licence extension agreement

Sir, thks for the feedback. The situation is like this:

Licensor & Licensee hv agreed for a 9 year (5+4) L&L arrangement. To save on stamp duty, the first tenure of 5 years is duly registered. The second tenure of 4 years is by way of of an Extension Agreement on a Rs.500/-  stamp paper, but not registered. Both agreements are signed at the beginning of the 9 year tenure, with an understanding that the extension agreement would be the basis to register a fresh L&L agreement at the end of the first tenure of 5 years.

The query is, at the end of the first 5 year tenure, if either of the parties has a rethink and backs out of registering a fresh L&L for a further 4 years, what can be the implications or binding on the defaulting party, in view of the Extension Agreement in place..   

I hope i could my query is clearer now. Look forward  to your feedback.

Regards, Ashok Pachisia