Giving notice of an intention to terminate the current agreement is probably not a problem if both parties are happy to make a new 3 year agreement. By, in effect, the committee and the managing agent jointly proposing to make a new 3 year agreement, it might be argued that each party has, by implication, given the other party notice of their intention to terminate the agreement.
It does seem a bit odd though. Why not have a motion every three years to enter a new contract, either with the current manager or a different manager if the committee recommends either staying or changing.