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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 />