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to submit individual applications for discretionary funds in the <br />event County does not receive designation as an urban county <br />entity under the Act. <br />Nothing in this Agreement shall preclude the Municipality <br />from establishing a Municipal Housing and Redevelopment <br />Authority pursuant to MN Stat. 462.425. Nothing in this <br />Agreement shall be deemed to create a county housing authority <br />pursuant to MN. Stat. 462.426, Subd. 1 -4. <br />Municipality and County mutually agree to indemnify and <br />hold harmless each other from any claims, losses, costs, <br />expenses or damages resulting from the acts or omissions of <br />their respective officers, agents and employees relat ng to <br />activities conducted by either under this Agreement, the Act or <br />the Regulations, up to any applicable statutory limits of tort <br />liability. <br />in the event that there is a revision of the Act and /or <br />Regulations which would make this Agreement out of compliance <br />with the Act or Regulations, both parties will review this <br />Agreement to renegotiate those items necessary to bring the <br />Agreement into compliance. <br />Both parties understand and agree that the refusal to <br />renegotiate this Agreement will result in the effective <br />termination of the Agreement as of the date it is no longer in <br />compliance with the Act and /or Regulations as amended. <br />All funds received by the County under the Act shall be <br />deposited in the County treasury. <br />Municipality and County shall maintain financial and other <br />records and accounts in accordance with the requirements of the <br />Page 101 <br />