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A condo lease agreement is a contract between a condominium owner and a tenant, allowing the tenant to occupy a residential unit. Tenants must adhere to the rules of the condominium association and have rights to use common areas and community privileges, unless specified otherwise in the agreement. Both parties maintain Landlord and Tenant rights typical of residential leases. The lease becomes legally binding upon signing. Condominiums consist of individual units that share communal spaces, common in urban high-rises, where each owner contributes to an association fee for maintenance and operational costs.