You may initiate a lease extension at any time (or multiple times) during the remaining term of the original Stanford Creek Lease (through February 28, 2051) or Stanford Hills Lease (through April 29, 2058). You have the flexibility to choose the duration of the extension as long as the total lease term including the extension does not exceed 51 years. An Extension Fee will need to be paid every time the term of your lease is extended. This page provides a step-by-step overview of the lease extension process. Copies of the forms you will need to extend your lease term can be accessed on the Documents & Forms page. Please refer to the Stanford Creek Lease 's 2013 Amendment or the Stanford Hills Lease's 2013 Amendment for more detail.

1. Request Appraisal

When you are ready to extend your lease term, you will need to request an appraisal of the Fee Simple Land Value of your parcel. This value will be necessary to calculate the Extension Fee. Stanford will engage a qualified appraiser at its own expense to produce this appraisal (the "Lessor Appraisal").

Upon receipt of the request, Stanford will commission an appraisal. It will be completed within 30 days and will be valid for six months.

2. Submit Extension Notice

When the Lessor Appraisal is complete and you have decided how much time you would like to add to your lease term, you are ready to begin the extension process. You have the option of accepting the Lessor Appraisal or following an alternative valuation process that requires you to obtain your own appraisal.

You will need to determine whether or not you accept the value in the Lessor Appraisal. If you accept the value, please go directly to complete Extension Notice, below. Otherwise, proceed to the next step.

If you do not accept the Lessor Appraisal, you must obtain a second appraisal (the "Lessee Appraisal") per the procedure outlined in Schedule 1.5 of the 2013 Amendment and in accordance with the Appraisal Guidelines. You may elect to use a qualified appraiser from the Appraiser List or one of your own choosing. When your appraisal is complete, proceed to Submit Extension Notice, below.

You are now ready to submit an Extension Notice. On this notice you will indicate whether or not you accept the Lessor Appraisal. If you do not accept it, you will need to attach a copy of the Lessee Appraisal to the Extension Notice.

3. Determine Extension Fee

Stanford will provide you with the Extension Fee calculation once the Fee Simple Land Value of your parcel has been established. For planning purposes, an Extension Fee Calculator has been provided to help you with estimating Extension Fees.

Upon receipt of the Extension Notice, if you have provided a Lessee Appraisal, Stanford will determine if a third appraisal is needed.

*If the difference between the Lessor Appraisal and the Lessee Appraisal is less than or equal to 10% of the higher of the two appraised values, the appraisals will be averaged to determine the Fee Simple Land Value of your parcel, and a third appraisal will not be required.

*If the difference between the two appraised values is more than 10% of the higher of the two appraised values, a third appraisal will be required. You must select an appraiser from the Appraiser List. Stanford will retain the third appraiser to produce the report. The third appraisal will be averaged with the closer (in dollars) of the two previous appraisals to determine the final Fee Simple Land Value of your parcel.

If you would like to assess on your own the anticipated cost of a lease extension, the Extension Fee Calculator will walk you through the required steps. For your convenience, the Extension Fee will be calculated pursuant to the formula prescribed in the 2013 Amendment. The Extension Fee Calculator will refer to the Extension Factor Schedule when calculating the fee.

When the Fee Simple Land Value of your parcel has been determined, Stanford will calculate the Extension Fee and provide you with a completed Extension Fee Calculation form.

4. Finalize Extension

After calculating the Extension Fee, Stanford will provide copies of the extension amendment documents reflecting the extension of your lease term and your new Lease Expiration Date. If you decide to move forward and extend your lease term, you will need to execute the documents and pay the Extension Fee.

After calculating the Extension Fee, Stanford will provide you with a completed Extension Fee Calculation form, an Extension Amendment, and a Memorandum of Extension Amendment.

Once you have received the documents and confirmed they reflect the correct new Lease Expiration Date, you will need to execute them and return them to Stanford, paying the Extension Fee at the same time. The Extension Fee may be paid either by a cashier’s check, or through escrow if the lease extension is being completed in connection with a sale of your leasehold to a third party. Upon receipt of the Extension Fee, Stanford will execute the documents and submit them to the Office of the Recorder of San Mateo County, California, to be recorded. Once they have been recorded, Stanford will return a fully executed set of documents to you.