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A condo lease agreement is a binding document between a condominium owner and a tenant. The tenant agrees to abide by the condominium association's rules and has rights to use common areas and community privileges unless specified otherwise in the lease. Both the owner and tenant hold standard landlord-tenant rights similar to other residential leases. A condominium comprises individual units sharing rights to common areas, often found in high-rise buildings. Owners pay association fees for property maintenance and associated services.