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A condo lease agreement is a legal document between a condominium owner and a tenant, outlining the rental of a residential unit. Tenants must adhere to the condominium association's rules and are entitled to use common areas and community privileges unless specified otherwise. Both the owner and lessee possess standard Landlord and Tenant rights as they would in other residential leases. Condominiums consist of individual units sharing common property rights, commonly found in urban high-rises. Owners pay association fees for property maintenance and associated services. Once signed, the lease agreement is legally binding for both parties.