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A condo lease agreement is a binding document signed 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 use common areas and community privileges, unless specified otherwise. Both the owner and tenant hold standard landlord-tenant rights, similar to other residential leases. Condominiums consist of individual units that share common property rights, typically found in residential high-rises in urban areas. Owners pay association fees for property maintenance and associated services.