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A condominium lease agreement is a legally binding document between a condo owner and a tenant, outlining the leasing of a residential unit in a condominium association. Tenants must adhere to the association's rules and regulations while enjoying rights to common areas and community privileges unless specified otherwise in the lease. Both the condominium owner and lessee possess standard landlord and tenant rights, similar to any residential unit. A condominium consists of individual units sharing rights to common amenities; typically, owners pay an association fee to cover property maintenance and associated expenses.