tenant after foreclosure sale

[J Chen]

We recently purchased a house from foreclosure auction with a tenant in it. The previous owner seems to have abandoned it. The rental lease was signed with HOA since HOA was in possession of the house before the foreclosure sale. The current tenant pays rent to HOA directly and is current on his rent. The lease won't end until July 2012. Our intention is not to rent but to move in ourselves. So my question is do we need to honor the lease? If not, do we need to give 90 day notice? If we do need to honor the lease by law, is cash for key our best bet?