Section 203.315 - Termination by conveyance to other than Commissioner(a) For those mortgages to which the provisions of § 203.368 apply, the contract of insurance shall be terminated under the following circumstances: (1) The mortgagee notifies the Commissioner that it will not convey title to the Commissioner and will not file a claim for the insurance benefits when:(i) The mortgagee either acquires the property by any means, or(ii) Acquires the property and gives such notice during the redemption period; or(2) The mortgagee notifies the Commissioner that it will not file a claim for the insurance benefits when: (i) The property is bid in and acquired at foreclosure by a party other than the mortgagee, or(ii) After foreclosure of the mortgaged property by the mortgagee the property is redeemed.(b) For those mortgages to which the provisions as set forth in § 203.368 do not apply, the contract of insurance shall be terminated under the following circumstances: (1) The mortgagee acquires the mortgaged property but does not convey it to the Commissioner;(2) The property is bid in and acquired at a foreclosure sale by a party other than the mortgagee;(3) After foreclosure the property is redeemed;(4) After foreclosure and during the redemption period the mortgagee gives notice that it will not tender the property to the Commissioner.52 FR 1327, Jan. 13, 1987