The purpose of this document is to inform
New and Potential Olmos Tower (OT) Owners
of some of the highlights of the OT Governance
Complete Governance is contained in our Declaration, Bylaws, and Rules.
Transfer Fees. Per the Declaration, the new Owner is responsible for paying to the HOA 2-months HOA dues as a transfer fee for any property for which there is a transfer of ownership. Often this fee is negotiated to be split between the Owner and Seller; This fee should be included in the closing documents.
Monthly HOA Dues and Payments. OT HOA requires electronic (ACH) bank-to-bank debits for all dues and payments. For Owners who do not sign-up for electronic debit, a $25 processing fee per check will be charged.
Number of Pets. Two dogs or two cats, or a combination of the two not to exceed two total.
Pet Vaccinations. All pets must be up to date on vaccinations, and certificates must be provided to the OT building manager.
Parking Garage. Per our Declaration, each unit comes with one (1) assigned parking spot in the parking garage. If an Owner has more than one vehicle, efforts will be made to accommodate requests for an additional parking space in the garage. Parking spaces do not convey with the sale of a Unit.
Remodeling.
- Before any work begins, all plans and contractors must be approved by the Board.
- Construction work can only happen Monday - Friday from 8am to 5pm.
- Depending on complexity and length of remodel, Owners must pay fees to the HOA.
- Depending on the complexity, if required an approved city permit must be provided to the building Manager.
- Any work that penetrates existing walls including scraping popcorn ceilings must be tested for Asbestos and results provided to building Manger; If Asbestos is found, it must be abated by an approved company.
- If a construction project involves the relocation of the unit's front door, the Owner will pay both survey and legal fees to the HOA.
- Owners must ensure that anyone who performs construction work in the Condominium is familiar with the OT Contractors Rules and Responsibilities. It is the Owner's responsibility to monitor their contractor on a continuing basis to ensure all the rules are followed.
- OT does not have a service elevator. All building materials and furnishings are transported in the elevator designated for contractors.
Rental Units.
- Of the 55 units in OT, only six (6) can be leased at any one time. If an Owner owns more than one unit, they can only put up one unit for lease.
- A unit may be not be leased for hotel or transient purposes. For example no Airbnbs, Vrbo, etc.
- A lease must be for a minimum of 1 year. After the initial year, the same renters have the flexibility to extend the lease as month-to-month.
Balconies.
- A patio/balcony must not be used for storage purposes.
- Replacing existing balcony surfaces with tile is not allowed. Owners who want to resurface a balcony must get approval of the materials and contractor in advance from the Board.
- Owners are responsible for keeping their balconies clean and waterproofed sealed.
Insurance. The Association requires each Owner at time of closing and as long as they own their unit, to have both property insurance and personal liability insurance.
Hallway Decor.
- If the Owners of a floor want to change hallway décor they must contact the Olmos Tower Building Manager for approval instructions prior to making any changes.
- If an Owner wishes to change the standard décor in a hallway including but not limited to replacing doors, adding an area rug, hanging a painting, adding furniture or other decorative items, all Owners on that floor must approve (in writing) of the change/addition before the change.
- For new Owners, at the time of purchase, the new Owner accepts the existing décor of the entire floor.
Window Treatments. Window treatments such as drapes, blinds, shades, or shutters must not be of such a color or pattern as to noticeably detract from the uniformity of the building.
Doorman.
- We have doorman on site 24x7.
- Our doorman are not security personnel. They are not responsible to apprehend or obstruct individuals. If they see a potentially dangerous situation, they will make the appropriate call to the appropriate person or agency.
- Doormen are not allowed to drive or park personal vehicles or perform personal services for residents outside of their normal duties.
Monthly HOA Dues and Payments. OT HOA requires electronic (ACH) bank-to-bank debits for all dues and payments. For Owners who do not sign-up for electronic debit, a $25 processing fee per check will be charged.
Number of Pets. Two dogs or two cats, or a combination of the two not to exceed two total.
Pet Vaccinations. All pets must be up to date on vaccinations, and certificates must be provided to the OT building manager.
Parking Garage. Per our Declaration, each unit comes with one (1) assigned parking spot in the parking garage. If an Owner has more than one vehicle, efforts will be made to accommodate requests for an additional parking space in the garage. Parking spaces do not convey with the sale of a Unit.
Remodeling.
- Before any work begins, all plans and contractors must be approved by the Board.
- Construction work can only happen Monday - Friday from 8am to 5pm.
- Depending on complexity and length of remodel, Owners must pay fees to the HOA.
- Depending on the complexity, if required an approved city permit must be provided to the building Manager.
- Any work that penetrates existing walls including scraping popcorn ceilings must be tested for Asbestos and results provided to building Manger; If Asbestos is found, it must be abated by an approved company.
- If a construction project involves the relocation of the unit's front door, the Owner will pay both survey and legal fees to the HOA.
- Owners must ensure that anyone who performs construction work in the Condominium is familiar with the OT Contractors Rules and Responsibilities. It is the Owner's responsibility to monitor their contractor on a continuing basis to ensure all the rules are followed.
- OT does not have a service elevator. All building materials and furnishings are transported in the elevator designated for contractors.
Rental Units.
- Of the 55 units in OT, only six (6) can be leased at any one time. If an Owner owns more than one unit, they can only put up one unit for lease.
- A unit may be not be leased for hotel or transient purposes. For example no Airbnbs, Vrbo, etc.
- A lease must be for a minimum of 1 year. After the initial year, the same renters have the flexibility to extend the lease as month-to-month.
Balconies.
- A patio/balcony must not be used for storage purposes.
- Replacing existing balcony surfaces with tile is not allowed. Owners who want to resurface a balcony must get approval of the materials and contractor in advance from the Board.
- Owners are responsible for keeping their balconies clean and waterproofed sealed.
Insurance. The Association requires each Owner at time of closing and as long as they own their unit, to have both property insurance and personal liability insurance.
Hallway Decor.
- If the Owners of a floor want to change hallway décor they must contact the Olmos Tower Building Manager for approval instructions prior to making any changes.
- If an Owner wishes to change the standard décor in a hallway including but not limited to replacing doors, adding an area rug, hanging a painting, adding furniture or other decorative items, all Owners on that floor must approve (in writing) of the change/addition before the change.
- For new Owners, at the time of purchase, the new Owner accepts the existing décor of the entire floor.
Window Treatments. Window treatments such as drapes, blinds, shades, or shutters must not be of such a color or pattern as to noticeably detract from the uniformity of the building.
Doorman.
- We have doorman on site 24x7.
- Our doorman are not security personnel. They are not responsible to apprehend or obstruct individuals. If they see a potentially dangerous situation, they will make the appropriate call to the appropriate person or agency.
- Doormen are not allowed to drive or park personal vehicles or perform personal services for residents outside of their normal duties.