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A condo lease agreement is a legally binding document between a condominium owner and a tenant, outlining the rental terms for a residential unit within a condominium association. Tenants are required to adhere to the association's rules and regulations and are entitled to use common areas and community privileges, unless specified otherwise in the lease. Both the condominium owner and tenant retain the same rights as in any other rental situation. Condominiums are residential units sharing common areas, typically found in high-rises, with each owner contributing to an association fee for property maintenance and associated services.