Dear XXXXXXXX,
A lease is a type of contract. In the U.S. the general laws of contracts is that the terms (meaning the words used in the contract) of the contract set the standard for what each party has to do and can not do. If a lease contract properly states that it will automatically renew and that no notice needs to be sent to the other party, then that contractual provision is normally enforceable. A contract may make one person responsible for providing termination notice, but does not need to make the other party responsible for providing notice of a renewal.
As to ownership, if your contract included any terms regarding ownership of the equipment or anything else, you will need to read the contract to see how that can be done. If you feel your contract was unfair or took advantage of you in any way, you should speak to an attorney to have him/her read your contract and see if there is anything that can be done.
Lawyer (JD)
Experienced attorney; contracts, internet, business, finance, employment, RE, consumer, & more.