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A condominium lease agreement is a legal document between a condo owner and a tenant, outlining the terms of renting a residential unit in a condominium association. Tenants must adhere to the association's rules and regulations and are entitled to use common areas and community privileges unless stated otherwise. The lease grants both the owner and tenant the same rights as in any other residential arrangement, becoming legally binding upon signing. A condo is a unit within a larger property, sharing rights to common areas, typically found in urban high-rises. Condo owners contribute association fees for property maintenance and related services.