He may well choose to honor it, but I do not think he is required to in Kentucky. The contract you had was with the previous owner, since you werent even informed of the sale Im sure he didnt see it as important to get a concession from the buyer to hold him to your contract. Chances are he bought the property as an investment rental property so he is not likely to evict you, he can change the rent though. I would ask him what he intends to do, dont stress yourself about it until you know whether you should even be stressed at all. =)