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A condo lease agreement is a contract between a condominium owner and a tenant, outlining the terms for renting a residential unit within a condominium association. Tenants must adhere to the association's rules and regulations and are entitled to use common areas and community privileges, unless specified otherwise. Both the condominium owner and tenant possess the same landlord and tenant rights as in any other residential lease. The agreement becomes legally binding once signed. Condominiums are individual units that share common areas, commonly found in high-rises, where owners contribute association fees for property maintenance and salaries.