I have to agree with tykejack, the contract is a bit of a mis-sell because it is built on a false premise to begin with -- "As a photographer, you do not have legal rights to distribute your photographs without a model release." Tricking the model into believing this... A dishonest or manipulative photographer could use a contract like this to give a false sense of security, and if or when the model terminates the contract still be legally entitled to distribute the photos (while the model just terminated his/her right to do so by cancelling the contract).
In reality in order to grant equal rights to the model, you must first surrender those rights, either to the model or to some sort of collective body. And the contract, at least on your part, would have to non-revocable, otherwise you could just revoke the contract and the rights would return to you. Other issues exist too; while I'm sure such an agreement could be drafted to accomplish what you wanted to accomplish, I don't think that wording is the way to do it.