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A condominium lease agreement is a contract between a condo owner and a tenant, outlining the rental terms for a residential unit in a condominium association. Tenants must adhere to the association's rules and have rights to common areas and community privileges, unless specified otherwise in the agreement. The document legally binds both the condo owner and the tenant, granting them equivalent landlord and tenant rights as in other residential leases. A condominium consists of individual units sharing rights to common areas, and owners pay association fees for property maintenance and related expenses.