Pre-Existing Management Contract

[Bob Seiberling]

I'm purchasing a property in Starkville, MS, so that my child who's attending MSU will have a home to live in and I can rent out the other rooms to have an income generating property. I've got a contract on a 4 bedroom, 4.5 bath, 1630 SF home. Each room has a private bath and ample parking for each person in the home. I'm getting it for just under $116/SF. 

It is currently under a management agreement.  I'm not sure that I want to use that company and am considering self-managing as my child will be on-premises already.

Here's the text of the Management Agreement that I think applies to my question:

"The OWNER hereby employs the AGENT exclusively to rent and/or lease the property hereinafter called the ("PREMISES") located at <Lot #> known as <Address> known as the <Development Name>, upon the terms hereinafter set forth for a period of two plus (2+) years plus beginning on the 2nd day of July, <Year> and ending on the 31st day of July, <Year+2>, and thereafter will automatically new for successive two year periods, unless on or before December 31st of the preceding year of the primary management agreement expiration date or expiration date of any such renewal period, either party hereto shall notify the other in writing of an intention to terminate this agreement in which case this agreement shall be terminated at the next expiration date. Upon cancellation of this management agreement AGENT shall not be obligated to lease or prepare PREMISES for next year's occupancy."

I was initially told that I wouldn't be held to the management agreement but am now being told that I will have to use the management company through July, 2023. My question is, am I obligated by the management agreement entered into by the seller?

Also, in the text above where it says, "and thereafter will automatically new for...", that is exactly what is in the agreement that I have been provided.

Thanks in advance, BP community.