Common use of Funds Received Clause in Contracts

Funds Received. a. All monies received by Agent shall be held in an interest bearing account with First Citizens Bancshares, a North Carolina banking corporation, with interest to be paid to Agent. b. In accordance with Chapter 42A of the North Carolina General Statutes (hereinafter, referred to as “NCGS”), commonly known as the North Carolina Vacation Rental Act, up to fifty percent (50%) of the total rent may be disbursed prior to occupancy. All fees owed to third parties to pay for goods, services, or benefits secured for the Guest may be disbursed prior to occupancy.

Funds Received. a. All monies received by Agent shall be held in an interest interest-bearing account with First Citizens Bancshares, a North Carolina banking corporation, with interest to be paid to Agent. b. In accordance with Chapter 42A of the North Carolina General Statutes (hereinafter, referred to as “NCGS”), commonly known as the North Carolina Vacation Rental Act, up to fifty percent (50%) of the total rent may be disbursed prior to occupancy. All fees owed to third parties to pay for goods, services, or benefits secured for the Guest may be disbursed prior to occupancy.