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A condo lease agreement is a contract between a condominium unit owner and a tenant. The tenant agrees to adhere to the condominium association's rules and regulations, gaining access to common areas and community privileges unless specified otherwise. Both the owner and tenant retain standard landlord and tenant rights as with any residential unit. Signing the lease renders it legally binding for both parties. A condominium consists of individual units sharing rights to common areas, typical in city high-rises. Each unit owner pays an association fee for property maintenance and related expenses.