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A condo lease agreement is a contract between a condominium owner and a tenant, allowing the tenant to occupy a residential unit and use communal areas, provided they adhere to the condominium association's rules. Both the owner and tenant enjoy Landlord and Tenant rights similar to other residential rentals. Once signed, the agreement is legally binding for both parties. A condominium consists of individual units sharing rights to common areas, typically found in residential high-rises. Each owner pays an association fee for property maintenance and management services.