Where the applicant agrees to accept a loan policy other than with respect to a first mortgage from the Company in which the liability of the Company is limited by the language immediately set forth hereafter or by the language of similar import which is set forth as an exception in Schedule B of the policy, the premium for such policy shall be seventy percent (70%) of the loan rate:

"Defects, liens, encumbrances, interests, adverse claims or other matters affecting the land created, existing or arising prior to (Date of Deed to Owner At Time of First Mortgage).