@sorin The updates for our pro themes is not similar to that of free themes (One click update). When there is update for our pro theme we will get a notification in the submenu under the Home menu in the dashboard. The instruction will also be there on how to update it. For the update you will have to either re install the theme via the Appearace->Themes->Install or via ftp. For our pro theme currently these are the only way.
For your other question, please visit our ‘Terms and condition page’ here https://www.themehorse.com/terms-and-conditions/. You will find the related information under Theme Subscription and Updates titles.