Common use of Definition of Taking Clause in Contracts

Definition of Taking. As used herein, a "TAKING" means the acquisition of all or part of the Building for a public use by exercise of the power of eminent domain or voluntary conveyance in lieu thereof and the taking shall be considered to occur as of the earlier of the date on which possession of the Building (or part so taken) by the entity exercising the power of eminent domain is authorized as stated in an order for possession or the date on which title to the Building (or part so taken) vests in the entity exercising the power of eminent domain.

Definition of Taking. As used herein, a "TAKING" “taking” means the acquisition of all or part of the Building Premises for a public use by exercise of the power of eminent domain or voluntary conveyance in lieu thereof and the taking shall be considered to occur as of the earlier of the date on which possession of the Building Premises (or part so taken) by the entity exercising the power of eminent domain is authorized as stated in an order for possession or the date on which title to the Building Premises (or part so taken) vests in the entity exercising the power of eminent domain.