(2) Any application for use of a shared system shall include the following:

1. (a) complete plans and specifications for the system as required by 310 CMR 15.201 through 15.255;
2. (b) a proposed operation and maintenance plan for the shared system;
3. (c) a description of the form of ownership which each component of the system serving more than one Facility will take, together with relevant legal documentation describing or establishing that ownership including, without limitation, easements, condominium master deed, or homeowners' association documents. All forms of private ownership of system components serving more than one Facility shall establish that each user of the system has the legal ability to accomplish any necessary maintenance, repair, or upgrade of the component;
4. (d) a description of the financial assurance mechanism proposed to ensure effective long- term operation and maintenance of the system. Acceptable financial assurance mechanisms may include, but are not limited to, an escrow account, letter of credit, performance bond, or insurance policy, which names the Approving Authority as beneficiary, and which provides for upgrade of the shared system in the event the shared system fails to protect public health, safety, welfare or environment pursuant to the criteria established in 310 CMR 15.303. A copy of the final financial assurance mechanism shall be provided to the Approving Authority prior to construction of the system; and
5. (e) a copy of a proposed Grant of Title 5 Covenant and Easement essentially identical to that contained in 310 CMR 15.000: Appendix 1 shall be recorded and/or registered with the appropriate Registry of Deeds and/or Land Registration Office within 30 days of the Approving Authority's approval of the Covenant and Easement. The applicant shall file a certified Registry copy of this Covenant and Easement with the Approving Authority within 30 days of its date of recordation and/or registration, and prior to construction of the system.