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.