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A condo lease agreement is a contract between a condominium owner and a tenant, outlining the terms of renting a residential unit. Tenants must adhere to the condominium association's rules and have rights to common areas and community privileges, unless specified otherwise in the agreement. Both the owner and tenant have rights similar to those in other residential leases. Upon signing, the agreement becomes legally binding for both parties. A condominium comprises individual units within a shared property, typically seen in urban high-rises. Owners pay association fees for property maintenance and management.