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A condo lease agreement is a contract between the owner of a condominium unit and a tenant renting the space. Tenants are required to adhere to the condominium association's rules and have rights to use common areas and community privileges, unless specified otherwise in the lease. Both the owner and tenant have the same landlord-tenant rights as with other residential properties, and signing the agreement makes it legally binding. A condominium consists of individual units that share ownership of common areas, commonly seen in residential high-rises. Each owner contributes to an association fee for property maintenance and management.