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A condo lease agreement is a contract between a condominium owner and a tenant, allowing the latter to rent a residential unit within a condominium association. Tenants must comply with the association's rules and have rights to common areas and community privileges unless specified otherwise. Both the condominium owner and tenant possess the same landlord-tenant rights as with any residential property. Once signed, the agreement is legally binding for both parties. A condominium consists of individual units that share common property rights, typically seen in urban high-rises, with each owner paying association fees for property maintenance and related expenses.