Which of the following is a typical covenant included in a mortgage document?

A typical covenant included in a mortgage document refers to the commitments or stipulations made by the borrower that are necessary to protect the lender's interest in the property being financed. Paying any charges and assessments against the property is essential as it ensures that the property remains in good standing and free of liens or encumbrances that could adversely affect its value or the lender's security interest.

When a borrower agrees to pay charges and assessments, they are acknowledging their responsibility to maintain the fiscal responsibilities tied to the property, such as homeowners' association dues, property taxes, and special assessments. Failing to pay these could result in liens being placed on the property, which in turn could jeopardize the lender's investment.

In contrast, paying annual income taxes may be related to the borrower's financial responsibilities but is not typically included as a covenant in a mortgage document. Likewise, transferring ownership of the property after mortgage maturity is not a covenant, as this pertains more to the eventual state of the property rather than obligations during the loan term. Obtaining homeowner's insurance, while essential for protecting the property, specifically relates to insuring the asset rather than the broader obligations inherent in maintaining it through payment of charges and assessments.