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A condo lease agreement is a legal document between a condominium owner and a tenant, allowing the latter to rent a residential unit. Tenants must adhere to the condominium association's rules and have rights to use common areas and community privileges, unless stated otherwise in the lease. Both the owner and lessee have the same rights as in any residential landlord-tenant relationship. Once signed, the agreement is legally binding for both parties. A condominium consists of individual units that share common areas, and owners typically pay an association fee for property maintenance and related expenses.