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A condo lease agreement is a legally binding document between a condominium owner and a tenant, allowing the tenant to occupy a residential unit in a condominium association. Tenants must adhere to the association's rules and regulations and have access to common areas and community privileges, unless otherwise specified. Both the owner and tenant have similar landlord-tenant rights as they would in any residential lease. A condominium consists of individual units that share ownership of common areas and typically seen in urban high-rises. Each owner contributes to an association fee, which funds property maintenance and related expenses.