Mahā Mṛtyunjaya Mantra: Grammatical Analysis

I have been asked very often what this mantra means. And though I've recited it for years, frankly I was never sure.  All I knew was it had something to do with Shiva saving me from death, and that was good enough! I've seen many interpretations on the net, a lot of which make sense in themselves, but don't really add up on the grammar. So here is my understanding grammatically. If you disagree, please do write in. This blog is meant to be a forum for discussion - not a shastri talking down to plebeians...

ॐ त्र्यम्बकं यजामहे

सुगन्धिं पुष्टि वर्धनं 

उर्वारुकमिव बन्धनान्मृत्योर्मुक्षीय 

मामृतात् ॐ

Om tryambakam yjaamahe sugaṇdhim puṣtivardhanam

urvārukamiva bandhanaan mrityor mukshīya māmritaat Om

Now the 'anvaya,' which just means making a prose sentence of the verse. Actually it's very helpful for precision. Because you cannot conveniently leave out what you wish, or changie meanings as it suits you. You'll be surprised how many 'experts' do that. The verse reads:

त्र्यम्बकम्  सुगन्धिम्  पुष्टि-वर्धनम् यजामहे

उर्वारुकम् इव बन्धनात् मुक्षीय 
मा अमृतात् 

त्र्यम्बकम् - ambaka comes to be understood as 'eye' in later times - three eyed. In early Vedic texts it retains the meaning of 'mother' so, one who has three mothers - and applies to Agni; the mothers being sky, the middle space and the earth (hence he is the Sun, lightning and fire). Agni and Rudra are often considered one - hence the transference of the name.
यजामहे - we worship, adore, honour (ĀP, 1st person, plural, active, present - 'we' √yaj)

सुगन्धिम् - fragrant (accusative case), adj. for Shiva

पुष्टि-वर्धनम् - giver of the state of nourishment - (acc. case) adj. for Shiva

उर्वारुकम् - musk-melon (neuter, nominative, singular)

इव - like (a)

बन्धनात् - from bondage (ablative case, singular, of bandhana [neut])

मृत्योः - from death (ablative case of मृत्यु masc, sing.)

मुक्षीय - (I) ought to be released. (√muc, 1st person, singular, benedictive)

मा - not
अमृतात् - from immortality, (ablative case of अमृत, sing.)

ॐ 

The translation then becomes: 

We worship [the] fragrant Shiva, increaser of nourishment; 

Like the musk melon [is] released from its bond, I should be released from death, not from immortality.

(Here of course we are assuming that the bondage/bhandhana of the fruit is to its plant/creeper/vine. And as it ripens, it falls on its own. Hence, once we have ripened, i.e. lived our lives, we should be separated from this existence. But these are meanings we assign. I have mine just like everyone else will their's.)