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A condo lease agreement is a contract between a condominium owner and a tenant, outlining terms for renting a residential unit within a condominium association. Tenants must adhere to the association's rules and have rights to use common areas and community privileges unless specified otherwise. The rights of both the condominium owner and the lessee mirror those of typical landlord-tenant relationships, and the agreement becomes legally binding upon signing. Condominiums are individual units within a complex that share common areas, with each owner contributing to an association fee for property maintenance and operational costs.