Conditions for withdrawal of application for insurance benefits.

With the consent of the Commissioner, a mortgagee may withdraw an application for insurance benefits if the mortgagee agrees that it will: (a) Accept a reconveyance of the property under a deed which warrants against the acts of the Commissioner and all claiming by, through, or under him; and (b) Promptly file a reconveyance for record; and (c) Accept without continuation the title evidence which it furnished the Commissioner; and (d) Reimburse the Commissioner for property expenditures as set forth in § 203.364.