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A condo lease agreement is a contract between a condominium owner and a tenant for renting a residential unit within a condominium association. Tenants must adhere to the association's rules and have rights to common areas and community privileges, as specified in the lease. The condominium owner and tenant have the same landlord-tenant rights as in other residential leases. Once signed, the agreement is legally binding. A condominium consists of individual units that share common areas, commonly found in urban high-rises, with owners contributing to an association fee for property maintenance and associated salaries.