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A condominium lease agreement is a legally binding document between a condominium owner and a tenant. The tenant agrees to follow the condominium association's rules and regulations and has access to common areas and community privileges unless specified otherwise in the lease. Both the owner and the tenant have the same landlord-tenant rights as with other residential properties. A condominium consists of individual units that share common areas, commonly found in residential high-rises. Each owner pays an association fee for property maintenance and operational costs.