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From The Collaborative International Dictionary of English v.0.48:
Occupancy \Oc"cu*pan*cy\, n. [See Occupant.] 1. The act of taking or holding possession, especially of real property or rental property; possession; occupation. [1913 Webster] 2. The state or condition of being occupied; as, occupancy by more than 250 people is dangerous and unlawful. [PJC] 3. The period of time during which one occupies a property. [PJC] Title by occupancy (Law), a right of property acquired by taking the first possession of a thing, or possession of a thing which belonged to nobody, and appropriating it. --Blackstone. Kent. [1913 Webster]