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A condo lease agreement is a contract between a condominium unit owner and a tenant, detailing the rental of the residential space. Tenants must adhere to the condominium association's rules and have rights to common areas and community privileges, unless specified otherwise. The owner and tenant possess similar landlord-tenant rights as in any residential lease. Once signed, the agreement is legally binding for both parties. Condominiums consist of individual units that share ownership of common areas, commonly found in urban high-rises. Owners pay association fees for property maintenance and associated expenses.