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A condo lease agreement is a legal document between a condominium owner and a tenant, outlining the rental terms for a residential unit. Tenants must adhere to the condominium association's rules and regulations, while enjoying access to common areas and community privileges, unless otherwise specified. The rights of landlords and tenants in a condo setting are equivalent to those in other residential leases. Condominiums consist of individual units sharing common facilities, typically found in urban high-rises. Each unit owner contributes to an association fee, which funds property maintenance and associated services. Once signed, the lease agreement is binding for both parties.