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A condo lease agreement is a contract between the owner of a residential unit in a condominium and a tenant. The tenant must adhere to the condominium association's rules and has rights to use common areas and additional community privileges, unless specified otherwise in the lease. Both the owner and tenant maintain typical landlord-tenant rights as they would in any residential agreement, and once signed, the document becomes legally binding for both parties. Condominiums consist of individual units that share rights to common facilities, commonly seen in urban high-rises. Each unit owner contributes to an association fee for property maintenance and related expenses.