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A condo lease agreement is a legally binding document between a condominium owner and a tenant, outlining the terms of renting a residential unit within a condominium association. Tenants must adhere to the association's rules and have rights to use common areas and community privileges unless otherwise specified. Both the condominium owner and tenant hold standard landlord-tenant rights applicable to any residential unit. A condominium is a property unit among similar units sharing rights to common areas, often found in urban high-rises. Condominium owners pay association fees for property maintenance and management staff salaries.