Yes. You take over for the previous landlord. You are responsible for the deposit.
You deal with the lock situation by serving a 3-day notice to cure or quit.
It is not really possible to advise you without reviewing the actual lease in question. The general rule is that a new owner takes ownership of the property subject to any existing leases. Therefore, most likely, you are in the shoes of the prior owner and can serve them with a 3 day notice to perform covenant or quit and/or a 60 day notice of termination of tenancy to end the month to month tenancy.
Frank W. Chen has been licensed to practice law in California since 1988. The information presented here is general in nature and is not intended, nor should be construed, as legal advice for a particular case. This Avvo.com posting does not create any attorney-client relationship with the author. For specific advice about your particular situation, please consult with your own attorney.
It is probably a good idea to have the lease reviewed by an attorney before finalizing a course of action.
THIS IS NOT LEGAL ADVICE. INFORMATIONAL PURPOSES ONLY. Legal matters are like thumbprints, no two are identical. Therefore, you should discuss your question with your own attorney or if you do not have an attorney, strongly consider hiring one. The information in this posting is for general information purposes only. No part of this posting should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.