https://www.unrealengine.com/
20€/$ monthly subscription for full code access and free updates. 5% royalty for commercial games, but no special license required.
You can cancel the subscription any time and continue using the versions you got while subscribed forever. Re-subscribe once in a while for bigger updates.
Definitely not as cheap as UDK, but (probably) more updates, full (engine, editor, everything) source code, way better model for commercial projects.
UE 4
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