Hi read,
The wording does get a bit awkward up there. You are interpreting it correctly though, your last sentence is right. So ...
from source-address 1.1.1.1/32 *OR* 2.2.2.2/32
from source-address 1.1.1.1/32 *AND* destination-address 2.2.2.2/32
Regards,
Kieran Milne
Tech Lead, JNCP