<?
$html = '<li>

            <p>For the avoidance of doubt, where the Work is a

            musical composition:</p>



            <ol type="i">

              <li><strong>Performance Royalties Under Blanket

              Licenses</strong>. Licensor waives the exclusive

              right to collect, whether individually or, in the

              event that Licensor is a member of a performance

              rights society (e.g. ASCAP, BMI, SESAC), via that

              society, royalties for the public performance or

              public digital performance (e.g. webcast) of the

              Work.</li>



              <li><strong>Mechanical Rights and Statutory

              Royalties</strong>. Licensor waives the exclusive

              right to collect, whether individually or via a music

              rights agency or designated agent (e.g. Harry Fox

              Agency), royalties for any phonorecord You create

              from the Work ("cover version") and distribute,

              subject to the compulsory license created by 17 USC

              Section 115 of the US Copyright Act (or the

              equivalent in other jurisdictions).</li>

            </ol>
</li>


';

$doc = new DOMDocument();
$doc->loadHTML($html);

foreach($doc->getElementsByTagName('li') as $node)
echo  $node->item->nodeValue;
?>