Rental Hot Water heater contract

You probably agreed to transfer the contract over in your name once you purchased the property. I recently bought a house and one of the conditions on the listing was that i'd assume the water heater rental. I do think that if they raise rates on you, you have a certain period of time wherein you can cancel with no penalty. I know this because Reliance (my rental provider) raised the monthly rental before i moved in so i didnt get the notice of the price increase. I called them and asked about the increase and if there were any controls in place to protect the consumer from any hikes without notice. They gave a credit for 3 months and then sent me the letter i was supposed to get. The letter stated that if I do not agree with the increase, i need to inform them by a particular date so that there is no penalty for getting out of the contract. Note that this contract was in effect since the house was built back in 2009.