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A condominium lease agreement is a legal document between a condominium owner and a tenant, allowing the tenant to rent a residential unit. Tenants must adhere to the condominium association's rules and regulations and can access common areas and community privileges unless specified otherwise in the agreement. Both the condominium owner and lessee retain standard landlord and tenant rights as with any residential lease. A condominium consists of individual units sharing rights to common areas, commonly found in residential high-rises. Each owner contributes an association fee for property maintenance and management. Once signed, the lease is binding for both parties.