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A condo lease agreement is a legally binding document between a condominium owner and a tenant, outlining the rental terms of a residential unit. Tenants are required to adhere to the condominium association's rules and regulations while enjoying access to common areas and community privileges unless specified otherwise. Both the owner and tenant hold standard landlord-tenant rights akin to any residential lease. A condominium comprises individual units that share common areas, typically seen in high-rise buildings, with owners contributing association fees for property maintenance and management.