BY-LAWS OF ANOZIRA AT CAMPBELL HOMEOWNERS ASSOCIATION, INC.

ARTICLE I INTRODUCTION SECTION 1. NAME AND LOCATION. The name of the corporation is ANOZIRA AT CAMPBELL ASSOCIATION, INC., hereinafter referred to as "The Association". The principal office of the corporation shall be located in Phoenix, Arizona, but meetings of Members and Directors may be held at such places within the State of Arizona, County of Maricopa, as may be designated by the Board of Directors. SECTION 2. DEFINITIONS. Terms used herein which are defined in the "Declaration Submitting Property to Horizontal Property Regime Together with Covenants, Conditions and Restrictions for Anozira at Campbell Condominium" recorded December 20, 1984 at Recorders No. 84-546419, records of Maricopa County, Arizona (the "Declaration"), shall have the same meanings as in the Declaration. SECTION 3. APPLICATION OF BY-LAWS. All present and future Members, Owners, Guests, Tenants or any other Person that might use the Property in any manner are subject to the provisions of these By-Laws. The ownership, rental or mere occupancy of any portion of the Property will signify that these By-Laws are accepted, ratified and will be complied with. SECTION 4. PRIORITY OF DECLARATION AND ARTICLES. The provisions of the Declaration and Articles of Incorporation shall have priority over these By-Laws,and any provision hereof which is contrary to or inconsistent with the Declaration (as amended from time to time) shall be void to the extent of such inconsistency. ARTICLE II MEETING OF MEMBERS SECTION 1. PLACE. Meetings of the members shall be on the Property or at such other convenient place as may be designated by the Board of Directors. SECTION 2. ANNUAL MEETINGS. The first annual meeting of the Members shall be held within one year from the date of incorporation of The Association, and each subsequent regular annual meeting of the Members shall be held on the same day of the same month of each year thereafter. Annual meetings of the Members shall be held in the month of January, and each subsequent regular annual meeting is required to be held in January of each year thereafter. If the day for the annual meeting of the Members is a legal holiday, the meeting will be held on the first day following which is not a legal holiday. At such meetings there shall be elected by ballot a Board of Directors in accordance with the requirement of the Declaration and The Articles of Incorporation and of these By-Laws. The Members may also transact such other business as may properly come before them at such annual meetings. SECTION 3. SPECIAL MEETINGS. Special meetings of the Members for any purpose or purposes

other than those regulated by statute may be called for by the President as directed by resolution of the Board of Directors or upon a petition signed by a majority of the Members. Such petition shall state the day and hour and place of such meeting and the purpose or purposes thereof. No business shall be transacted at a special meeting except as stated in the notice unless by consent of 4/5ths of the Members present, either in person or by signed absentee ballot. SECTION 4. NOTICE OF MEETINGS. It shall be the duty of the Secretary, at the direction of the person or persons calling a meeting, stating the purposes or purposes thereof, the day and hour and place where it is to be held, to each Member of record, at least ten (10) but not more than fifty (50) days prior to such meeting. If the Secretary fails or refuses to act promptly, the person or persons calling the meeting may do so. The mailing of a notice in the manner provided in this section shall be considered notice served. SECTION 5. MAJORITY OF MEMBERS. As used in these By-Laws, the term "Majority of Members" shall mean those Members holding more than fifty percent (50%) of the votes in accordance with the percentages assigned to each Member. SECTION 6. QUORUM. Except as otherwise provided in the Declaration, the Articles of Incorporation or these By-Laws, or as may be required by law, the presence in person or by signed absentee ballot of a Majority of Members shall consti1ute a quorum, and a majority of those present, either in person or by signed absentee ballot at an annual or duly noticed special meeting, shall be necessary to act upon any matter before such meeting. SECTION 7. GENERAL VOTING RIGHTS. Each Member shall cast one (1) undivided vote for each Unit owned in the Anozira at Campbell Condominiums on all matters on which such Member is entitled to vote. Where two (2) or more Persons are Members by virtue of joint ownership of any portion of the Property, they shall designate to the Board of Directors, in writing, one of their number who shall have the power to vote. In the absence of such designation and until such designation is made, the Board shall make such designation. SECTION 8. RELATIVE VOTING RIGHTS. In all matters requiring a vote of the Members, voting shall be on a percentage basis. The relative voting rights of each Member shall be provided in the Declaration and The Articles of Incorporation. SECTION 9. ADJOURNED MEETINGS. If any meeting of Members cannot be organized because a quorum has not attended, the Members who are present, either in person or by signed absentee ballot, may adjourn the meeting from time to time to a time not more that thirty (30) days from and after the time the original meeting was called, and no new notice shall be required for such adjourned session. At any adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the original meeting. SECTION 10. ABSENTEE BALLOTS. At all meetings of Members, each Member may vote in person or by signed absentee ballot. Proxy voting is not allowed. All signed absentee ballots shall be in writing, with each specific agenda item must be written out in detail, any candidates for office must be written in, and blanks cannot be left open to be completed or filled out by another party. Absentee ballots must be filed with the Secretary before the appointed time of each meeting or upon the calling of the meeting to order. Every absentee ballot shall be revocable, coupled with an adequate legal interest, and shall automatically cease upon conveyance by the Member of his Unit. SECTION 11. WAIVER OF NOTICE. Any Member may at any time waive any notice required to be given under these By-Laws. The presence of a Member in Person at any Meeting of the Members shall be deemed such a waiver. SECTION 12. ORDER OF BUSINESS. The order of business at all meetings of the Members shall be as follows:

a) Roll call and verification of absentee ballots. b) Proof of notice of meeting. c) Reading of minutes of preceding meeting. d) Reports of officers. e) Report of Board of Directors, f) Reports of committees g) Appointment of inspectors of election, when required. h) Election of Members of the Board of Directors, when required. i) Unfinished business. j) New business. k) Adjournment. ARTICLE III BOARD OF DIRECTORS SECTION 1. NUMBER AND QUALIFICATION. The affairs of The Association shall be governed by a Board of Directors composed of three (3) persons, all of whom must be Owners or spouses of Owners. SECTION 2. POWERS AND DUTIES. The Board of Directors shall have all powers necessary or convenient and shall be responsible for the administration of the affairs of The Association and may do all such acts and things as are not by law, by the Declaration, or by the Articles of Incorporation or these By-Laws directed to be exercised solely by the Members. The Board of Directors may delegate such duties as appear in the best interests of The Association and to the extent permitted by law. SECTION 3. OTHER DUTIES. Without limiting the generality of Section 2 of this Article, the Board of Directors shall be responsible for the following: a) Care, maintenance, repair and surveillance of the Common Elements. b) Preparation of an annual budget and allocation of the budget to the Members in the proportion required by the Declaration. c) Collection of Assessments and the filing of liens and foreclosure thereof where necessary. d) Employment of a manager, an independent contractor, or other such employees as they deem necessary, and to prescribe their duties. e) Declaration that the office of a Member of the Board of Directors be vacant in the event such Member shall be absent from three (3) consecutive regular meetings of the Board of Directors. f) Procurement and maintenance of adequate liability, fire, and hazard insurance on property owned by The Association, and any other insurance as required by the Declaration or as permitted and deemed necessary and advisable by the Board. g) Adoption and amendment of Rules and Regulations and enforcement of the same covering the use of the Common Elements. h) Suspension, prohibition, and restraint of any Owner who is delinquent in the payment of any Assessments or who violates any of the rules, regulations, By-Laws, or Declarations from using all or any part of the recreational facilities. i) The opening of bank accounts on behalf of The Association and designating the signatories required therefor. j) The investing of any excess funds held or controlled by The Association. k) File Corporate Annual Report with Arizona State Corporation Commission as a not for profit corporation. The foregoing enumeration of specific responsibilities shall not be deemed to limit any other

power or duty of the Board of Directors arising by law or under the Declaration, Articles of Incorporation or these By-Laws. SECTION 4. ELECTION AND TERM OF OFFICE. Nomination for election to the Board of Directors shall be made by a Nominating Committee. Nominations may also be made from the floor at the annual meeting. The Nominating Committee shall consist of a Chairperson, who shall be a Member of the Board of Directors, and two or more Members of the Association. The Nominating Committee shall be appointed by the Board of Directors prior to each annual meeting of the Members, to serve from the close of such annual meeting until the close of the next annual meeting and such appointment shall be announced at each annual meeting. The Nominating Committee shall make as many nominations for election to the Board of Directors as it shall in its discretion determine, but not less than the number of vacancies that need to be filled. The term of the Directors named in the Articles of Incorporation shall be until the first annual Membership meeting or until their successors are duly chosen and qualify. Their successors shall be elected at the first annual meeting of the Members. A new Board of Directors shall be elected by the Members at each regular annual meeting thereafter and shall hold office for a term of one (1) year and or until a successor shall be elected and shall qualify except as hereinafter otherwise provided. The number of Directors may be altered from time to time by the action of a majority of the Members at any regular or special meeting called for such purpose. In the event of any increase in the number of Directors in advance of the annual meeting, each additional Director shall be elected by the then Board of Directors and hold office until his successor is elected and shall qualify. SECTION 5. VACANCIES. Vacancies on the Board of Directors caused by any reason shall be filled by vote of the majority of the remaining Directors even though they may consist of less that a quorum and each person so elected shall be a Director until his successor is elected by the Members at the next annual meeting. SECTION 6. RESIGNATION AND REMOVAL OF DIRECTORS. A Director may resign at any time upon delivery of written notice to the President or Secretary of The Association. Such resignation shall be in effect upon receipt or at any later time specified therein, and unless otherwise provided therein acceptance of such shall not be necessary to make it effective. At any regular or special meeting of the Members, any one or more of the Directors may be removed with or without cause at any time by the affirmative vote of seventy five percent (75%) of the Members and a successor may then be elected to fill the vacancy thus created. Any Director whose removal has been proposed shall be given an opportunity to be heard at the meeting. SECTION 7. COMPENSATION. No compensation shall be paid to Directors or officers for their services as directors or officers. No remuneration shall be paid to a Director for services performed by him for The Association in any capacity, unless a resolution authorizing such remuneration shall have been unanimously adopted by The Board of Directors before the services are undertaken. Neither a Director nor any officer may be an employee of The Association. Directors and officers, however, may be reimbursed for any actual expenses incurred in connection with their duties as such officers or Directors. SECTION 8. ORGANlZATION MEETING. The first meeting of a newly elected Board of Directors shall be held within ten (10) days of election at such time and place as shall be fixed at the meeting at which such Directors were elected and no notice shall be necessary to the newly elected Directors in order legally to constitute such meeting, providing a majority of the whole Board shall be present. SECTION 9. REGULAR MEETING. Regular meetings of The Board of Directors may be held at such time and place as shall be determined, from time to time, by a majority of the Directors, but at least two one such meetings shall be held during each fiscal year. Notice of regular meetings of The Board of Directors shall be given to each Director and to all members of the Anozira HOA, personally or by mail, telephone or email, at least three (3) days prior to the day named for the meeting. All regular meetings of

The Board of Directors are additionally open to attendance by all members SECTION 10. SPECIAL MEETING. Special meetings of The Board of Directors may be called by the President or Secretary or by a majority of the Directors on three (3) days notice to each Director, given personally or by mail, telephone or email, which notice shall state the time, place (as herein provided) and purposes of the meeting. SECTION 11. WAIVER OF NOTICE. Before or at any meeting of The Board of Directors, a Director may, in writing, waive notice of such meeting and such waiver shall be deemed equivalent to the giving of such notice. Attendance by a Director at any meeting of The Board of Directors shall be a waiver of notice by him or her of the time and place thereof. If all Directors are present at any meeting of the Board, no notice shall be required and any business may be transacted at such meeting. SECTION 12. QUORUM. A majority of The Board of Directors shall constitute a quorum for the transaction of business, but if at any meeting of the Board there be less than a quorum present, a majority of those present may adjourn the meeting from time to time. Every act or decision done or made by a majority of the Directors present at a duly held meeting at which a quorum is present shall be regarded as an act of The Board. SECTION 13. ACTION TAKEN WITHOUT A MEETING. The Directors shall have the right to take any action in the absence of a meeting which they could take at a meeting by obtaining the written approval of all the Directors. Any action so approved shall have the same effect as though taken at a meeting of the Directors. SECTION 14. FIDELITY BONDS. The Board of Directors shall require that all officers and employees handling or responsible for funds of The Association shall furnish adequate fidelity bonds. The premiums on such bonds shall be paid by the Association. ARTICLE IV OFFICERS SECTION 1. DESIGNATION. The officers of this Association shall be a President who shall at all times be a member of The Board of Directors, a Secretary, and a Treasurer, and such other officers as The Board may from time to time by resolution create. A person may hold more than one office, except that the offices of President and Secretary shall not be held by the same person simultaneously. SECTION 2. ELECTION OF OFFICERS. The officers of The Association shall be elected annually by The Board of Directors at the organization meeting of each new Board. SECTION 3. RESIGNATION, REMOVAL, AND VACANCIES. Upon affirmative vote of a majority of the members of The Board of Directors, any officer may be removed with or without cause. Any officer may resign at any time by delivering written notice of such resignation to The Board, the President, or the Secretary. Such resignation shall take effect upon receipt or at any later time specified therein, and unless otherwise provided therein acceptance of such resignation shall not be necessary to make it effective. A vacancy in any office may be filled at any regular meeting of The Board of Directors or at any special meeting of the Board called for such purpose. SECTION 4. PRESIDENT. The President shall be the chief executive officer of The Association. He or she shall preside at all meetings of the members and of The Board of Directors. He or she shall have all of the general powers and duties which are usually vested in the office of The President of a corporation including, but not limited to, the power to appoint committees from among the members from time to time as he or she may in his or her discretion decide it appropriate to assist in the conduct of the affairs of The Association.

SECTION 5. SECRETARY. The Secretary shall have the responsibility for keeping the minutes of all meetings of The Board of Directors and the members; he or she shall have the custody of the seal of The Association; he or she shall have charge of the membership book and such other books and papers as The Board of Directors may direct; and he or she shall, in general, perform all the duties incident to the office of Secretary. SECTION 6. TREASURER. The Treasurer shall receive and deposit in appropriate bank accounts all monies of The Association and shall disburse such funds as directed by resolution of The Board of Directors; shall with one officer of The Association or the designated bookkeeper, sign all checks, contracts, promissory notes or other obligations of The Association and keep proper books of account. ARTICLE V COMMITTEES The Association may appoint committees of its Members and/or Directors as deemed appropriate in carrying out its purposes. ARTlCLE VI BOOKS AND RECORDS SECTION 1. ACCOUNTS. Books and accounts of The Association shall be kept under the direction of the Treasurer and in accordance with the reasonable standards of accounting procedure and prudence. SECTION 2. INSPECTION OF BOOKS. Financial reports, such as are required to be furnished, and the membership records of The Association shall be available at the principal offices of The Association for inspection at reasonable times by any Members. Such inspection may be made in person or by agent or attorney, and the right of inspection includes the right to make copies of or extracts from or to perform audits of such books and records. SECTION 3. EXECUTION OF CORPORATE DOCUMENTS. With the prior authorization of The Board of Directors, all notes, checks and contracts or other obligations shall be executed on behalf of The Association by The Treasurer and one other officer of The Association. SECTION 4. ANNUAL REPORT. Annually, at or just prior to the annua1 meeting, The Board of Directors shall cause to be prepared and made available to every member an annual report of the affairs of The Association. Said report shall contain a complete accounting of receipts and disbursements of all funds of The Association during the preceding calendar year and a balance sheet setting forth all assets and liabilities of The Association as of the end of the preceding calendar year. ARTICLE VII ASSESSMENTS As more fully provided in the Declaration, each Owner is obligated to pay to The Association Annual and Special Assessments which are secured by a continuing lien upon the property against which the Assessment is made. Any Assessments which are not paid when due shall be delinquent. If the Assessment is not paid within thirty (30) days after the due date, the Assessment shall bear interest from the date of delinquency at a rate set annually by The Board of Directors, and The Association may bring an action at law against The Owner personally obligated to pay the same or foreclose the lien against the

property, and interest, costs, and reasonable attorneys fees of any such action shall be added to the amount of each Assessment. No Owner may waive or otherwise escape the liability for the Assessments provided for herein by nonuse of the Common Elements or abandonment of his or her Unit. ARTICLE VIII CORPORATE SEAL The Association may have a seal in a form approved by The Board of Directors and kept in the custody and control of The Secretary. ARTICLE IX RULES AND REGULATIONS The Board of Directors may promulgate and adopt Rules and Regulations for the management of The Association and the Common Elements and said rules and regulations shall apply to and govern the occupation and use of the Common Elements by the Members, Owners, Guests, Tenants, and all other Persons. ARTICLE X These By-Laws may be amended by a majority vote of the Members at any regular or special meeting where notice of the proposed amendment is included in the call or notice of meeting, provided that these By-Laws shall not be amended to contain any terms or provisions which would be contrary to the Declaration of the Articles of Incorporation as amended from time to time. ARTICLE XI The Fiscal year of The Association shall be determined by The Board of Directors and shall be subject to change by The Board of Directors should The Association practice subsequently necessitate such change.