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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 relating 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 /> 6 <br />