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A condo lease agreement is a legal document signed between a condominium owner and a tenant, outlining the terms and conditions of renting the residential unit. The agreement requires the tenant to adhere to the rules and regulations of the association, while granting them access to common areas and community privileges. Both parties have rights and responsibilities similar to those of a traditional landlord-tenant relationship. Condos are units within a property that share common areas, with owners paying association fees for maintenance and services.