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A condo lease agreement is a legal document signed between a condominium owner and a tenant, outlining the terms for renting a residential unit within a condominium association. Tenants must adhere to the association's rules and regulations and have rights to use common areas and community privileges, unless otherwise specified. Both the condominium owner and the tenant have Landlord and Tenant rights, similar to any residential property lease. Condominiums consist of individual units sharing common facilities, commonly found in urban high-rises, with each owner responsible for association fees that contribute to property maintenance and operational costs.