this happened to me personally, tha bank honored our lease contract and waited for it to expire and afterwhich they (bank, as the new owner) did not renew our contract so, we've no choice but to find another place, hth...

and as afaik thay are obliged to honor whatever existing contract/s that goes with the property thay are buying, anyway, hindi naman sila siguro bibili ng property kung madedehado sila sa existing contract di po ba? bangko pa?!