This is correct interpretation. Lots of bad advice from people here OP.

Automatic renewal is common practice.

You agreed to the auto renewal when you signed your fixed lease.

You did not end the fixed term lease in writing before the end so it auto renews to month to month.

The notice was given for future renewals base rent. The automatic renewal to month to month is a renewal (check the wording, it is called a renewal).

The notice was given 60 days before 01MAR- the first month of your renewed month to month agreement.

Rent increase on your month to month is almost certainly binding.