Contact Us:  321-783-7879

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FREQUENTLY ASKED

Questions

PROPERTY INFORMATION

Property Information

Stonewood is located east of A1A on about 14 acres bordering the Atlantic Ocean.

We have gated access, with gate attendants to restrict entry. Our entryway drive is east of the traffic light at Cocoa Isles Blvd. We are a no smoking facility in all common areas. Established in 1980.

Stonewood consists of 188 dwelling units located in 4 buildings. All units have 2 or 3 bedrooms, 2 baths and range from about 1317 to 2170 square feet. There are double units. Additionally, there is a Clubhouse/Office building. Each unit has deeded parking either in one of the five garage buildings, under the B residential building, or in the parking garage or an individual garage under the Clubhouse/Office building deck. Our amenities include a heated swimming pool, spa, lighted tennis courts, carwash/vacuum area, club house (with full kitchen, library and entertainment center), shuffle board, putting green, large outdoor partially covered deck outside the club house, workout room, sauna, and beach access which are available to residents.

Rent or Land Use Fees

You are not required to pay rent or land use fees for recreational or other commonly used facilities. Currently, about 15percent of the units are occupied by renters

FINANCIAL INFORMATION

Assessments

Currently, 2020 monthly owner fees are $537. Payments are due the first day of each month, and there is a 10-day grace period before a late charge is assessed. In addition to property maintenance and related administrative expenses, the fee provides each resident with basic cable, basic internet service, water, trash removal and sewage.

A concrete restoration project will begin in 2020 and it will be assessed.

About 10% of each monthly payment goes into the pooled reserve account. Our current planning project major repair or replacement of facilities through 2050. Currently we have commissioned a periodic engineering study of our balconies, which indicates that we will need to have repair work done on some unit balconies and possibly walkways in 2020, or 2021. A Special Assessment will be needed to accomplish this work.

Leasing Restrictions

The minimum lease period is ninety (90) days and requires Board approval. Sales require that an executed contract be submitted to the board for Notice of Sale posting which begins the 10-day Owner Right of First Refusal procedure.

Voting Rights

Each owner has one vote per unit owned.

Unit Use Restrictions

Units are to be used as residences, only there are restrictions as to thenumber of residents allowed in each apartment and pets.

Other Associations

You do not need to belong to any other association, but owners are Members of the Stonewood Towers Condominium Association. Additionally, all residents are automatically members of the Stonewood Social Club (No voting rights or dues or assessments).

MANAGEMENT

Management

The Association has a five(5) member Board of Directors. Our office is open from 9 am to 3 pm, Monday thru Friday, and is staffed by a fulltime property manager and a secretary.

Operating expense and reserve payment invoices are reviewed for accuracy, given initial approval, then coded by the Property Manager and entered into the VMS system, with copies to the Treasurer and President. Final authorization for the check to be written requires on-line VMS approval of the Treasurer, President or Vice President. Payroll is prepared by ADP, based upon inputs received from the office staff. Operating expense or reserve payment checks are issued by Towers Management with detailed monthly financial reports provided to the Association. The Association conducts Annual Financial Reviews/Audits through an independent agency in accordance with Florida Statutes.

Estoppel Information Requests

The Stonewood Property Manager will accept requests for Estoppel information. If requests ask for information that invades owners or residents right to privacy, or create Association liability, only the information required by the Florida Condominium Act will be provided. There will be a $250 charge for providing Estoppel information. Please address estoppel requests to Condo Property Manager at the above address, or email tobrenda@stonewoodtowers-fla.com.

MAINTENANCE

Maintenance

Maintenance information is available on the Pooled Reserve Schedule. The following summarizes significant maintenance activities.

Roofs

The B building roof was completely redone in 2018 and has a 20-year warranty. The A, C and D buildings were redone in 2017 and we have a 10-yearwarranty. A professional independent consultant provided detailed specifications and in-progress management and inspections.

Painting

Painting will be accomplished once the balcony repairs are completed.

Other project schedules are listed in the Association Reserve program. This program is available through our Property Manager.

Court Cases

There is no pending legal action against the Association as of this date.

LITIGATION

Insurance

Florida Condominium & Apartment Insurance Inc.
1360 S. Patrick Drive, Suite 11
Satellite Beach, FL 32937

Contact Info: dstacey@fcains.com
Fax: 321 247 4809

All residential units are in Flood Zone X which does not require flood insurance.

The information provided herein is not to be relied upon by any seller, buyer, borrower or any other party as sole source for information contained in official documents. The Association expressly disclaims any warranties, expressed or implied, as to the use of this information by any parties other than lenders and closing agents. The information provided herein is subject to change without notice. Any additional information you require, not provided in the Estoppel Certificate, can usually be obtained from web sites or the government offices of Brevard County, or the State of Florida. The responses herein are made in good faith and to the best of the Associations ability as to their accuracy.

FORMS