Azure - The imported project microsoft.windowsazure.targets was not found

If you receive the following error:

"The imported project microsoft.windowsazure.targets was not found"

Two possible solutions.

1) You need to update your "Windows Azure Tools for Visual Studio" with the 1.4 August update.

       http://www.microsoft.com/windowsazure/sdk/

       Windows Azure Tools for Visual Studio (August 2011 update)

2) Or you are using the wrong targets if you wish to stay with the Windows Azure Tools for Visual Studio, March 2011 release.

Replace:

<Import Project="$(CloudExtensionsDir)Microsoft.WindowsAzure.targets" />

With:

<Import Project="$(CloudExtensionsDir)Microsoft.CloudService.targets" />

and

Replace:

<CloudExtensionsDir Condition=" '$(CloudExtensionsDir)' == '' ">$(MSBuildExtensionsPath)\Microsoft\VisualStudio\v$(VisualStudioVersion)\Windows Azure Tools\1.4\</CloudExtensionsDir>

With:

<CloudExtensionsDir Condition=" '$(CloudExtensionsDir)' == '' ">$(MSBuildExtensionsPath)\Microsoft\Cloud Service\1.0\Visual Studio 10.0\</CloudExtensionsDir>

Then reload the project in your solution, or add existing project.