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A condominium lease agreement is a contract between a condo owner and a tenant. The tenant agrees to abide by the condominium association's rules and regulations and gains access to common areas and community privileges, unless specified otherwise in the lease. Both parties retain standard landlord and tenant rights, making the document legally binding upon signing. A condominium consists of individual units that share common areas, common in high-rise residential buildings. Each condo owner pays an association fee for property maintenance and operational expenses.
