According to Article 347 of the Turkish Code of Obligations regarding the lease agreements with definite term, so long as the tenant does not serve notice of termination at least 15 days prior to the expiration of the lease agreement’s term, such lease agreement will be deemed renewed for one year with the same terms and conditions in which case the lessor may not terminate the agreement based on the expiration of the lease agreement. Furthermore, said article of the Turkish Code of Obligations also regulates that at the end of the tenth extension year, the lessor may terminate a definite-term lease agreement by serving a written notice 3 months’ prior to the expiration of each year of extension, without cause. On the other hand; as per Provisional Article 2 of the Law on Enforcement and Execution, Article 347 of the Code that enables the lessor to terminate the definite term lease agreement after the expiration of the 10-year extension period will only be enforceable:

1. Regarding the definite-term lease agreements with less than 5 years remaining before the expiration of the 10-year extension period, the lessor’s termination right under Article 347 of the Code will be effective as of 1 July 2017; and
2. Regarding the definite-term lease agreements, and the 10-year extension period that has expired, the lessor’s termination under Article 347 of the Code will be effective as of 1 July 2014.

In light of above, as of July 2014; the lease agreements with definite-term may be terminated at any time by the landlord, upon expiry of ten years by complying the above mentioned termination notice requirement.