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A lease agreement is an agreement between a landlord and a renter. This agreement represents a legal relationship between the two parties. For the length of time the rental agreement specifies, the renter has the duty to pay rent and live in a way not harmful to the premises or the neighbors. The terms of the rental agreement are subject to state rental statutes and ordinances. It is important to note that rental applications and agreements to hold an apartment are usually not the same as an apartment lease; however, their terms and conditions may be legally binding.