Sec.32-13-14. Premium

The mortgagee, upon execution of the insurance contract, shall pay to the commission a first mortgage insurance premium equal to two per cent of the original face amount of the mortgage or such lesser percentage as the commission shall require in their formal commitment to insure the mortgage payments. Premiums thereafter shall be at the rate aforesaid on the unpaid principal balance at the beginning of each mortgage year, and shall be payable by the mortgagee at the beginning of each mortgage year and are payable in advance. If premiums are not paid when due, such nonpayment shall constitute a default under any such mortgage and, if such default is not cured within thirty days thereafter, mortgage insurance benefits shall terminate.