Which of the following is NOT one of the five borrower covenants?

In the context of borrower covenants, it's essential to understand the foundational obligations borrowers agree to when entering a mortgage agreement. Covenants are legally binding promises the borrower makes to the lender as part of the loan terms, and they typically include commitments related to loan repayment, property maintenance, and adherence to certain financial practices.

The obligation to repay the loan amount is crucial and is indeed one of the primary borrower covenants. Borrowers must also maintain the property, ensuring it remains in good condition to protect the lender's investment. Payment of common element fees may pertain to properties like condos where shared spaces are managed collectively and is often considered a standard financial responsibility.

The interest rate represents a separate aspect of the loan agreement, as it is the cost of borrowing and not a covenant in itself. Instead of being framed as a covenant, the interest is part of the overall loan structure that dictates how much the borrower will pay over time, making it peripheral to the core covenants outlined in the mortgage agreement. Consequently, this differentiates it from the other covenants that are focused on specific actions and responsibilities regarding the loan, reinforcing why it does not fit within the defined category of borrower covenants.