AMENDED DECLARATION OF

COVENANTS, CONDITIONS AND RESTRICTIONS

FOR

INDIAN HILLS AIRPARK

THIS AMENDED DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS FOR INDIAN HILLS AIRPARK amends and supersedes those recorded on November 1, 1988, #88-6028 in La Paz County, Arizona, and is made as of the date hereinafter set forth by K.R.C. COMPANY, an Arizona corporation (“Declarant”).

WITNESSETH

WHEREAS, Declarant is the owner of certain real property located within La Paz County, Arizona, described as follows:

LOTS 1 through 77, inclusive; LOTS A1 through A6, inclusive; LOTS B1 through B11, inclusive, INDIAN HILLS AIRPARK, according to the Amended plat of record in Recorder #89-2143, official records of La Paz County Recorded, La Paz County, Arizona;

and desires to submit and subject the property, including the improvements constructed and to be constructed thereon, and all easements, rights and appurtenances belonging thereto, to the provisions of this Declaration;

WHEREAS, Declarant desires to develop the property as an aviation related residential and commercial center and to impose upon the property beneficial covenants, conditions and restrictions for the benefit of the property, the improvements thereon, and the owners thereof; and

WHEREAS, the provisions contained within this Declaration are intended to benefit the owners and their successors in interest who hold an ownership interest in all or any portion of the property.

NOW THEREFOR, Declarant hereby declares that the property is and shall be held, conveyed, hypothecated, encumbered, leased, occupied and used and improved subject to the following limitations, restrictions, covenants, conditions, easements and equitable servitude, all of which shall run with the property, shall be binding upon all parties having or acquiring any right, title or interest therein, shall insure to the benefit of and bind each owner thereof and their respective successors in interest, and shall be enforceable as hereinafter provided.

1. DEFINITIONS:

Unless expressly set forth otherwise herein, the following terms shall be defined for purposes of this Declaration as follows:

A. “AIRPORT FACILITIES” shall mean the Indian Hills Airpark Runway, Taxi-ways and Roadways located within the private easements as outlined in the Amended Indian Hills Airpark Subdivision Plat together with all facilities now, or hereafter, constructed thereon or otherwise subject to the control of the Indian Hills Airpark Association and Declarant.

B. “INDIAN HILLS AIRPARK ASSOCIATION” Shall mean and refer to INDIAN HILLS AIRPARK ASSOCIATION, an Arizona non-profit corporation, its successors and assigns. “Airpark Members” shall mean members of the INDIAN HILLS AIRPARK ASSOCIATION. “Airpark Membership Interest” shall mean the percentage membership interest of the owner(s) of an Airpark lot in the Indian Hills Airpark Subdivision, as set forth on Exhibit “A” attached hereto and by this reference made a part thereof.

C. “ARCHITECTURAL COMMITTEE” shall mean the architectural committee to be formed pursuant to paragraph 3 of this Declaration.

D. “ASSESSMENT” shall mean any assessment or charge against a lot or the owner(s) thereof authorized by this declaration pursuant to paragraph 7 by the INDIAN HILLS AIRPARK ASSOCIATION (“AIRPARK ASSOCIATION”). “Expense Assessment” shall mean any assessment deriving from the enforcement of this Declaration.

E. “DECLARANT” shall mean K.R.C. Company, an Arizona corporation, its successors and assigns.

F. “DECLARATION” shall mean this Amended Declaration of Covenants, Conditions and Restrictions for INDIAN HILLS AIRPARK SUBDIVISION, as and if amended.

G. “IMPROVEMENT” shall mean any building, fixture, paving or other improvement, and additions, alterations or replacements thereof, now or hereafter constructed on the Property.

H. “LANDSCAPING” shall mean any trees, bushes, rock or similar materials now or hereafter placed on the Property.

I. “LOT” shall mean the numerically designated lots shown on the Amended Plat. “RESIDENTIAL LOTS” shall mean Lots 1 through 78, inclusive, Commercial-1 Lots shall mean Lots A1 through A5, inclusive. Commercial-2 Lots shall mean Lots B1 through B11, inclusive.

J. “OWNER” shall mean any person or entity now or hereafter owing an interest, whether legal, equitable, or under deed or contract for sale or otherwise, in the Property or any portion thereof; provided, however, that “OWNER” shall not mean a person or entity whose interest in the Property or any portion thereof is limited to that of holder of a lien or encumbrance.

K. “PRIMARY SURFACE” shall mean a surface longitudinally centered on the runway portion of the AIRPARK FACILITIES. The Primary Surface shall extend two hundred (200) feet beyond each end of that runway, and shall be deemed to have a minimum width of one hundred (100) feet. The elevation of any point on the Primary Surface shall be deemed to be the same as the elevation of the nearest point on the central line of the runway.

L. “TAXIWAY” shall mean the following ways dedicated on the recorded AMENDED INDIAN HILLS AIRPARK SUBDIVISION PLAT:

(1) Cherokee Way (2) Skyhawk Way (3) Indian Hills Way (4) Apache Way.

M. “VIOLATION” shall mean any violation or attempted violation of, failure to comply with, or other breach or attempted breach, of any provision of this Declaration or any instrument executed in conjunction with or under authority of this Declaration, including but not limited to Articles of Incorporation, By-laws and Rules and Regulations of the INDIAN HILLS AIRPARK ASSOCIATION, whether by any Owner of all or any portion of the Property, or lessees, guests, invitees or other occupants of the Property or any other party subject to this Declaration, their respective successors and assigns.

N. “TRANSITION ZONE” shall mean that area designated as “Runway Easement dedicated on the amended plat of record of INDIAN HILLS AIRPARK SUBDIVISION and the 200 foot extension on each end of the runway and shall include airspace above planes beginning at the edge of each side of the primary surface and extending north and south respectively, rising one foot for each seven feet of horizontal distance (7:1), and shall include airspace above planes beginning at the east and west ends of the primary surface, and extending east and west respectively, rising one foot for each twenty feet of horizontal distance; (20:1).

O. “AVIATION FUEL” shall mean any fuel used to propel an airplane whether such fuel be strictly aviation fuel or automobile gasoline or otherwise.

2. USE OF PROPERTY:

Except as otherwise set forth herein, the use and improvement of the Property shall be in accordance with covenants, conditions and restrictions herein set forth, in accordance with applicable governmental law, including without limitation, the zoning ordinances of the County of La Paz, the Rules and Regulations of the FEDERAL AVIATION AUTHORITY as they may be amended or expanded from time to time.

A. Lots 1 through 77 shall be single family residential lots and subject to the following additional restrictions.

(1) No mobile home shall be less than 20 feet in width, no more than one year old at the time of placement on the lot.

(2) No mobile home shall be less than 1,200 square feet of living space.

(3) All mobile homes moved onto a lot in this subdivision shall be affixed on a permanent foundation.

(4) All mobile home units are required to have exteriors of fir, exterior plywood, painted hardboard (masonite) or lapsiding or stucco.

(5) All mobile homes are required to have tile, cedar, shake or composition shingle roofs.

(6) All mobile homes shall have installed a full length awning on one side to be installed within one year from date mobile home has been placed upon the lot.

(7) Within one year after placement of mobile home on the lot the owner shall cause to be constructed on the lot a hangar 40 feet wide by 30 feet deep, to be approved then by the Architectural Committee.

(8) Any constructed home placed upon any lot within this subdivision shall have a minimum square footage of 1400 and be compatible with the mobile homes or other structures in the subdivision. All plans are subject to prior approval of the Architectural Committee.

B. Lots Al through A6 and Lots B1 through B11 shall be Commercial lots and shall be subject to La Paz County Zoning Ordinances and all terms and conditions of this Declaration except those provisions outlined in numerical paragraph 2 A. (1) through (8) hereinabove.

3. ARCHITECTURAL CONTROL:

A. No Improvement or Landscaping shall be commenced or erected on any Lot, nor shall any Lot in any way be subdivided, until plans showing plot plan and proposed improvements, landscaping and/or subdividing, as the case may be, including, but not limited to, paved areas, landscaping details, building and storage areas, screening, parking and loading areas, design and type of construction, elevation, roof design, exterior color scheme, fence and barrier design, lot dimension and size and/or all other pertinent engineering and/or exterior features are approved by the Architectural Committee (the “Plans”). Prior to commencing such construction, improvement or subdividing of any Lot, Plans providing the foregoing information shall be submitted to the Architectural Committee for approval. In the event the Architectural Committee fails to indicate its approval or disapproval of those Plans within thirty (30) days after submittal of complete and thorough Plans and written request to the Architectural Committee to indicate its approval or disapproval thereof, the Architectural Committee shall be deemed to have approved such Plans. After Architectural Committee approval of Plans, the construction, improvement or subdividing contemplated thereby may be commenced and, once commenced shall be expeditiously prosecuted to completion; provided, however, that such construction, improvement or subdividing shall be in strict conformity with the approved Plans, the provisions of this Declaration and applicable law. Further, no structure or landscaping shall be constructed, placed, or allowed to grow into the transitional airspace.

B. The members of the Architectural Committee shall be designated by Declarant until the first to occur of the following:

(1) All Lots within the Property have been sold by Declarant; or

(2) Declarant transfers responsibility for the Architectural Committee to the Owners, as evidenced by at least fifteen (15) days prior written notice to all then Owners of Lots. Upon the first to occur of the foregoing, the Architectural Committee shall then consist of five (5) of the Owners, or their designees, to be elected by Owners then holding a majority of the Owners’ Membership interest in the Owners’ Association.

C. Except for the Architectural Committee designated by Declarant pursuant to paragraph 3.B above, the Architectural Committee shall be subject to the following:

(1) Members of the Architectural Committee shall be elected at each annual meeting of the Owners’ Association, and at special meetings of the Owners’ Association called for that purpose, and shall serve until they resign, are no longer able to serve, or until the next election of members to the Architectural Committee.

(2) A member of the Architectural Committee need not be, but may be, a member of the Board of Directors of or an officer of the AIRPARK ASSOCIATION. No member of the Architectural Committee shall be required to be on architect or to meet any other particular qualifications for membership on the Architectural Committee.

(3) The Architectural Committee shall be authorized to establish such rules, regulations and procedures, including, without limitation, the rules governing liability insurance and disposition of junk airplanes or other vehicles, consistent with the provisions of this Declaration, as it deems necessary to carry out its duties and responsibilities under this Declaration.

(4) Except as otherwise set forth in this Declaration, the procedural provisions, including, but not limited to, the calling of meeting, quorum, record-keeping, voting, action without meeting, waiver of notice of meetings, vacancies and compensation, governing the Board of Directors of the AIRPARK ASSOCIATION, as set forth in the Articles of Incorporation and By-laws for the AIRPARK ASSOCIATION, shall also apply to and govern the Architectural Committee.

D. The approval by the Architectural Committee of any matter requiring its approval pursuant to the provisions of this Declaration shall not be deemed to constitute a waiver of any requirement or restriction imposed by this Declaration, or of any right of the Architectural Committee to withhold approval of any similar plan, drawing, specification or matter subsequently submitted for its approval.

E. Neither the Architectural Committee nor any member thereof shall be liable to any Owner, or to any other party, for any damage, loss or prejudice suffered or claimed on account of: (1) the approval or disapproval of any plans, drawings, specifications or similar matters by the Architectural Committee, whether or not defective; or (2) the construction or performance of any work, whether approved by the Architectural Committee; provided, however, that, with respect to the liability of a member of the Architectural Committee, such member has acted in good faith on the basis of such information as may be possessed by him.

4. LIMITATIONS ON IMPROVEMENTS:

Any and all improvements and landscaping now or hereafter constructed or placed on the Lots, or any portion thereof, including any additions, alterations or replacements thereto, shall be constructed, repaired and maintained in accordance with the following:

A. No improvements shall exceed 16.7 feet in height at the 166.83 foot front building setback line from the center line provided such improvement does not at any point project above a line sloping upward at a ratio of one foot up for each seven feet out, beginning at the edge of the Transition Zone which is 50 feet from the runway center line, and extending outward from the edge of the Transition Zone, and in no case shall any improvement project into the Airspace Easement.

B. Notwithstanding paragraph 4.A. above, no improvement or landscaping shall be constructed, repaired, maintained or permitted to grow in the Transitional Zone to a height in excess of a line established by sloping seven feet outward for each foot upward commencing at the sides of and at the same elevation as the Primary Surface and extending to a height of twenty feet (20′) above the Airport elevation (1860 feet above sea level); provided, however, that the foregoing shall not be deemed or construed to prohibit the construction or maintenance of any improvement, or the growth of any landscaping, to a height of not more than twenty feet (20′) above the elevation of the primary surface, other than into the transitional zone airspace.

C. All signs or similar items shall be in conformity with applicable law, including but not limited to the sign ordinance for the County of La Paz, as amended. The placing of a sign or similar item on a Lot shall be deemed to constitute an Improvement for purposes of this Declaration, and shall be subject to the prior approval of the Architectural Committee in accordance with paragraph 3. No sign shall be placed which will impede flight or taxiing operations of aircraft.

D. All outside storage areas, except aircraft parking, will be screened on all sides with a screen approved by the Architectural Committee in accordance with paragraph 3, and nothing shall be stored therein which will project above the top of the screen.

E. Any dock and/or loading facilities on a Lot shall be designed and placed on the side or rear of the Lot and major Improvements thereon (in relation to adjacent streets) and shall be subject to screening in accordance with paragraph 4.D.

F. All air conditioning and heating units mounted on the roof or side of any Improvement shall be screened in a manner approved by the Architectural Committee in accordance with paragraph 3.

G. All flood, spot or other lights placed on each Lot shall be placed such that the direct, indirect, or reflected light therefrom shall not unreasonably disturb the Owners or occupants of adjacent property or Lots. No light shall be so placed or arranged as to blind the operations of aircraft taxiing or landing or taking off.

H. The exterior of all improvements requiring paint (based on the nature of the surface material utilized and excluding decorative materials not customarily painted) shall be painted and maintained to provide a neat appearance at all times. Any change in exterior coloring scheme shall require prior approval of the Architectural Committee in accordance with paragraph 3. Metal hangar facilities need not be painted provided they are at all times maintained to provide a neat appearance.

I. All parking, taxiway and similar areas on Lots, including but not limited to driveways and aprons, shall be paved with a hard surface material and maintained in a dust-free condition.

J. No parking is allowed on streets or taxiways. Off street parking areas shall be included on each Lot as required by applicable law, including but not limited to the building ordinance imposed by the County of La Paz, as amended from time to time. The Architectural Committee shall have the right, as a condition of approval of a plan for Improvements, to require an increase in the amount of parking on a Lot should the existing and/or intended use of that Lot warrant such increased parking. The Architectural Committee is hereby granted the power to remove any obstacle, thing or parked vehicle from the primary surface or taxiways upon a finding that it is a hazard to aircraft operations and may charge a reasonable fee for such removal a safe location.

K. The overall drainage burms and ditches in the subdivision providing for drainage shall not be altered by and Lot Owner or Owners.

5. LOT DIMENSIONS AND SUBDIVISIONS:

Lot dimensions and subdividing shall be in accordance with the following:

A. Minimum Lot street frontage shall be one hundred (100) feet.

B. Minimum Lot size shall be sixteen thousand (16,000) square feet.

C. Separate Lots or parcels resulting from the subdivision or other splitting of a Lot shall each be at least sixteen thousand (16,000) square feet in area and shall front on an existing street or on a street established or dedicated at the time such Lot is divided, unless the Architectural Committee shall in writing approve a modification of the foregoing. No lot abutting the airstrip may be divided into parcels of less than the original platted configuration.

D. Any two (2) or more Lots may be combined into one (1) Lot provided the resulting Lot is not less than the minimum Lot size required pursuant to paragraph 5.B. and in all other respects satisfies the provisions and requirements of this Declaration.

E. Lots may be subjected to horizontal property regimes, as defined in and in accordance with the provisions of Sections 33-551 et seq., Arizona revised Statutes, as amended, and other applicable law. provided:

(1) The Improvements within and use of the horizontal property regime created thereby in all respects, conform to the provisions of this Declaration; and

(2) The non-Improvement areas surrounding the Improvements on such Lot are defined as common areas for the use and benefit of all Owners of an interest in such horizontal property regime.

F. All subdividing or splitting of Lots, as set forth above, shall be subject to the prior approval of the Architectural Committee, in the manner set forth in paragraph 3 above, the County of La Paz, if required by ordinance, and any other governmental bodies having jurisdiction over the Lots.

6. USE AND MAINTENANCE:

All Lots and the Improvements and Landscaping thereon shall be used and maintained in accordance with the following:

A. All Lots and the Improvements and Landscaping thereon shall be kept and maintained in a safe, clean and attractive condition and good state of repair in compliance with all governmental laws. All Lots, or portions thereof, upon which Improvements or Landscaping are not present, shall be treated or surfaced in order to be free of weeds and other growth.

B. No Lot or portion thereof shall be used for any purpose or business which is dangerous or unsafe, which constitutes a nuisance, or is in any way noxious or offensive by reason of the emission of dust, odor, gas, smoke, fumes or noise. Normal aircraft operation shall not be deemed a nuisance.

C. The Owner and/or other occupant of each Lot will remove at its own expense any rubbish of any character whatsoever which accumulates on its Lot.

During the course of any placing of Landscaping on or construction of Improvements on a Lot, including additions, alterations or repairs thereto, such placing or construction shall be conducted in a manner which does not interfere with the use and possession of other Lots within the Property, nor shall it interfere with aircraft operations, and all Landscaping and construction materials and equipment shall be stored and operated in a neat and orderly fashion. Upon conclusion of any such placing or construction, all excess landscaping and construction materials, equipment and excess debris shall be promptly removed from the construction site.

E. Owners and/or other occupants of Lots shall require their respective employees, tenants or customers to park on the parking area on such Lot and not on streets within the Property.

F. Aviation fuel shall not be stored or dispensed on any Lot for commercial sale, whether at wholesale or retail. Aviation fuel may be stored and dispensed on a Lot solely for the private use of the Owner(S) of such Lot. Any Owner who stores or dispenses aviation fuel on or in connection with a Lot shall pay to the operator of the Fixed Base Operations (“FBO”) facility operated in connection with INDIAN HILLS AIRPARK a sum equal to six percent (6%) of the wholesale cost which the operator of the FBO then pays, or would then be paying, for the purchase of the same or similar aviation fuel (the “Fuel Levy”.) The Fuel Levy shall be determined and be due and payable each and every time fuel is delivered to or stored on a Lot and shall be measured on the basis of the amount of fuel delivered to such Lot for storage or dispensing therefrom.

7. INDIAN HILLS AIRPARK ASSOCIATION:

The INDIAN HILLS AIRPARK ASSOCIATION shall have the right and responsibility of maintaining, repairing, replacing, operating and otherwise providing for the continued use and operation of Airport Facilities, to the extent permitted by and consistent with the provisions of the applicable law and this Declaration. The INDIAN HILLS AIRPARK ASSOCIATION shall be formed and operated in accordance with the following-

A. Declarant will incorporate the INDIAN HILLS AIRPARK ASSOCIATION at or prior to the time the first sale of an Airport Lot by Declarant. Owners of Airport Lots shall, by virtue of their ownership thereof, automatically become Airpark Members upon their acquisition of a Lot in the INDIAN HILLS AIRPARK Subdivision and liable for the assessment, and shall automatically cease to be Airpark Members when they cease to be an Owner.

Airpark Members shall have the authority to adopt By-laws and rules and regulations necessary to carry out its duties of maintenance of the airport facilities shall be the responsibility of the Airpark Members and shall be allocated to the Airpark Members and collected by the Airpark Association through assessment in accordance with this Declaration.

Airpark Members shall have an undivided ownership of the “Airport Facilities as defined on Page 2 and located within the private easements as outlined on the Amended Indian Hills Airpark Subdivision Plat in that same proportion as shown on Exhibit “A”.

B. Owners of each Lot in the Subdivision, whether residential or commercial, shall bear responsibility for, and shall from time to time be assessed (through the Airpark Association assessment) by the INDIAN HILLS AIRPARK ASSOCIATION for a percentage portion of the obligation equal to their respective Airpark Membership interest which Declarant acknowledges are approximately equal to the proportion which the square footage contained within each respective Lot bears to the square footage contained within all Lots in the subdivision. For purposes of this Declaration and determination of the assessment, each Lot shall be conclusively deemed to have the respective membership interest set forth in Exhibit ~’A” attached hereto and by this reference incorporated herein.

C. The INDIAN HILLS AIRPARK ASSOCIATION shall be controlled by Declarant until Declarant shall transfer control thereof to the Airpark Members following thirty (30) days written notice to all Airpark Members. Declarant shall transfer control after fifty-one percent (51%) of the Lots are sold. Following such transfer of control, the INDIAN HILLS AIRPARK ASSOCIATION shall be controlled by the Airpark Members in accordance with the provisions of this Declaration, the Arizona Revised Statutes applicable to non-profit corporations, and the Articles of Incorporation, By-laws and rules and regulations of the INDIAN HILLS AIRPARK ASSOCIATION. Each member shall have an ownership interest in the INDIAN HILLS AIRPARK ASSOCIATION equal to its respective Lot Ownership.

8. RIGHT TO ENFORCE:

As long as Declarant retains an interest of any kind, whether of ownership, lien holder or other right, Declarant shall, without liability for failure to do so, have the right to enforce the provisions of this Declaration. The INDIAN HILLS AIRPARK ASSOCIATION shall have the concurrent right to enforce all provisions of this Declaration.

9. ENFORCEMENT:

The provisions of this Declaration, including any violation of this Declaration, may from time to time be enforced in accordance with the following:

A. Appropriate proceeding at law or in equity against any person or entity violating or attempting to violate any provision of this Declaration, including, but not limited to, proceedings to enjoin, restrain and/or recover damages;

B. In the event any Owner or other occupant of a Lot shall commit a Violation, including but not limited to failure to comply with any provision of paragraph 5, and such Violation is not corrected within fifteen (15) days after written notice thereof from Declarant or the INDIAN HILLS AIRPARK ASSOCIATION, the Declarant or the INDIAN HILLS AIRPARK ASSOCIATION, their respective agents or representatives, shall have the right, power, and privilege to enter upon such Lot and make any and all corrections or improvements that may be necessary to correct such Violation, to charge the Owner of such Lot for the expense incurred in such correction through an Expense Assessment, and, in the event the Owner fails to pay such Expense Assessment to Declarant or the INDIAN HILLS AIRPARK ASSOCIATION within ten (10) days after demand for reimbursement therefor, to pursue any and all available rights and remedies against such Owner and/or Lot pursuant to this Declaration and/or applicable law, including the right to lien such Lot for such Expense Assessment.

C. If any Assessment is not paid within fifteen (15) days after the due date thereof, the unpaid balance thereof shall bear interest from the date of delinquency until paid at the highest legal rate allowed by law. The amount of such unpaid Assessment, together with interest thereon and attorneys’ fees and other costs incurred in collection or enforcement thereof, shall be a lien upon the Lot against which such Assessments were made (the “Liened Lot”), shall be the personal obligation of the Owner of the Liened Lot as of the time of the making of such Assessment, and shall bind successive Owners of the Liened Lot in the event a notice of such lien is recorded in the Office of the La Paz County Recorder, Arizona, prior to any such sale or transfer of the Liened Lot, or in the event any such successive Owner acquires the Liened Lot with notice or knowledge of such lien. Except as set forth in paragraph 10 below, the lien for any Assessment shall be subordinate to the lien of any deed of trust or mortgage now existing or hereafter placed upon any Lot. In addition to all other legal and equitable rights and remedies available hereunder an action at law may be brought against any Owner who is obligated to pay any sum due hereunder, and/or a Liened Lot may be judicially foreclosed against in the manner provided by law for the foreclosure of realty mortgages, and in any such action or foreclosure proceeding there shall be added to the amount of such unpaid sum or any portion thereof, the interest thereon and all costs and expenses, including reasonable attorneys’ fees, incurred in collecting the delinquent Assessment.

D. The INDIAN HILLS AIRPARK ASSOCIATION may remove any thing or vehicle so placed on the taxiways or landing area which constitutes a hazard to aircraft operation and may charge a reasonable fee for the removal of such thing or vehicle to a safe storage place without further liability therefor.

E. All remedies provided in this Declaration, in law or in equity, shall be cumulative and not exclusive.

10. PRIORITIES:

No Violation of this Declaration shall restrict, impair or defeat the lien of any mortgage or deed of trust or other encumbrance now existing or hereafter made in good faith and for value on any Lot, or portion thereof, or restrict, impair or defeat any right or power of sale or other remedy contained therein or limit or prevent the foreclosure thereof; provided, however, that:

A. Any lien against a Liened Lot made a matter of record prior to the recordation of any such mortgage, deed of trust or other encumbrance shall be entitled to all priorities provided by applicable law; and

B. Any subsequent Owner of any Lot or interest therein shall be subject to and bound by all provisions of this Declaration, regardless of whether such ownership interest was acquired by foreclosure, trustee’s sale, deed in lieu of foreclosure, or otherwise.

11. BINDING EFFECT:

The provisions of this Declaration shall run with the land and the title thereto, and shall extend to and be binding upon all person, legal entitles, grantees, their successors and assigns, and any Owner or lessee of any person or legal entity having any interest in the Property or any Lot. This Declaration shall remain in full force and effect for a period of twenty (20) years from the date hereof, and shall be deemed renewed for successive ten (10) year periods, unless amended as provided herein.

12. WAIVER OR ABANDONMENT:

The waiver of, or failure to enforce any breach or violation of any provision contained in this Declaration shall not be deemed to be a waiver or abandonment of such provisions, or a waiver of the right to enforce any subsequent breach or violation of such provisions. The foregoing shall apply regardless of whether any person affected hereby, or having the right to enforce these provisions, had knowledge of the breach or violation. No provision contained herein shall be deemed to have been waived or abandoned unless this Declaration is amended to delete such provision pursuant to paragraph 17.

13. EQUAL TREATMENT OF OWNERS:

This declaration shall be applied to all Owners without discrimination.

14. SEVERABILITY:

The invalidity of any one or more phrases, sentences, clauses, paragraphs, or sections hereof shall not affect the remaining portions of this Declaration or any part thereof, all of which are inserted conditionally upon their being held valid in law. In the event that one or more of the phrases, sentences, clauses, paragraphs, or sections contained herein should be invalid or should be construed as if such invalid phrase or phrases, sentence or sentences, clause or clauses, paragraph or paragraphs, or section or sections had not been inserted.

15. GENDER:

The singular, wherever used herein, shall be construed to mean the plural when applicable, and the necessary grammatical changes required to make the provisions hereof apply either to corporations or other entities, or individuals, men or women, shall in all cases be assumed as though in each case fully expressed.

16. HEADINGS:

The marginal or topical headings contained in this Declaration are for convenience only and do not define, limit or construe the contents of this Declaration.

17. AMENDMENT:

Amendment, modification or revocation of this Declaration shall require an amendment in writing, executed and acknowledged by the then Owners representing not less that three-fourths (3/4) of the Owners’ Membership Interests, or such higher percentage as required by applicable law, and recorded in the La Paz County Recorder’s Office, Arizona. For purposes of amendment, Declarant shall be deemed to be the holder of the Owners’ Membership Interests and Airpark Membership Interest for any Lots owned by Declarant. Notwithstanding the foregoing, Declarant shall have the right to amend this Declaration at any time prior to the initial sale of a Lot by Declarant.

18. VIOLATION OF LAW:

Any violation of any federal, state, municipal, or local law, ordinance or regulation, pertaining to the ownership, occupation or use of any property subject to this Declaration, is hereby declared to be in violation of this Declaration and subject to any or all of the enforcement procedures set forth herein.

19. GOVERNING LAW:

This Declaration and the rights and obligations of the parties hereunder shall be construed in accordance with and be governed by the laws of the State of Arizona.

20. APPLICABLE LAW:

In the event any provision of this Declaration conflicts with or is inconsistent with any law of the County of La Paz or other governmental authority having jurisdiction over the Property (“Applicable Law”), such Applicable Law shall be deemed to control to the extent of such conflict or inconsistency. In the event any provision of this Declaration is consistent with, but more restrictive than, Applicable Law, such provision of this Declaration shall apply to the Property.

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