I think trying to stay is a good idea. Just know that your rent may indeed not be used to pay the mortgage. Also if/when the property does get purchased you do have to pay rent to the new landlord but he has to abide by the laws you stated above. Also if he is smart he will offer you cash for keys so you may be able to make some money out of it if you play your cards right. Just have a hard copy of any new lease you get regardless of if it is month to month or long term.
