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A condo lease agreement is a contract between a condominium owner and a tenant, outlining the rental of a residential unit within a condominium association. Tenants must adhere to the association's rules and enjoy rights to common areas and community privileges, unless specified otherwise in the lease. Both the condominium owner and tenant have the same landlord-tenant rights as with any residential unit, and once signed, the agreement is legally binding. Condominiums consist of individual units sharing common areas, typically seen in urban high-rises. Owners contribute association fees for property maintenance and staff salaries.