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A condominium lease agreement is a legally binding document signed between a condominium unit owner and a tenant. It outlines the obligations of tenants to adhere to the condominium association's rules and regulations. Tenants gain rights to use common areas and privileges of the community, as specified in the agreement. The condo owner and tenant have the same rights as in other residential leases. A condominium consists of individual units that share common areas, typically found in residential high-rises. Each owner pays an association fee for property maintenance and operational costs.