Real Estate Purchase advice for NNN Ground Lease...a few questions on risk.
I am getting ready to enter into two transactions in the next few months.  This is my first CRE experience and am still learning the proper steps to keep my risk low.    

Short summary:  As part of a merger between my company and a very large competitor, I have seized an opportunity to purchase a large parcel of undeveloped ground, that I will turn around and lease (NNN) to the competitor long term.  The competitor will be developing the property and purchasing it at the end of their lease term.  I have lawyers involved in drafting the lease documents but had a few specific questions surrounding lowering my risk in the purchase and lease.

Specifically, is there a way, through something like Title Insurance, that I can protect my investment in the property if my upcoming tenant defaults on the lease early on and never follows through with development.  We are adding as much language in the lease as possible to bind the tenant to the lease and purchase option, but there is always risk beyond if they choose to walk away and risk litigation.  After they develop, I have less of a concern of default given the capital investment.  The risk is early on after the merger has finished and pre-development.

Also...Even though I am paying cash (no lenders involved), there are no structures and I have completed environmental/due diligence, should I get a SIOR broker involved to help?  Right now the property purchase seems fairly straight forward after I finish the title search and survey.  

 
[{"id": "dzge8o9", "text": "You can do guarantees of completion and financial guarantees. Have you pulled the title yet to be sure you are clear of easements and gotten a zoning letter from the local jurisdiction?\n\nYou may want a broker to negotiate the lease, but a good attorney will  also be able to provide the service, potentially with a smaller fee. It all depends on the size of the deal and what the going rates are in your market. ", "replies": [{"id": "dzgf8rr", "text": "Title search happening now.  Already pre-approved for use by zoning board.  Are Guarantees of completion and financial guarantees separate documents or should they be included in the Lease Agreement?", "replies": [{"id": "dzggjv4", "text": "There isn't a set way of doing things, your lawyer can advise on that much better than I can. ", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "dzgeoqk", "text": "Get an attorney. You can get guarantees but you'll also acquire the improved land if they default, but that would require the tenant leasing from your lesee to default. Land ownership is fantastic, especially with a building on it owned by someone else. Could you potentially purchase the building after? Is your land going to have debt on it?  \n\n", "replies": [{"id": "dzgfkrp", "text": "Got an attorney that is reviewing/drafting the lease.  As I say, after development I am not concerned with default as you point out, I would become owner of my land with essentially free development.\n\nI am more concerned with the time after I close on the property and before they start development...market changes, manufactured feasibility problems and any excuses in general to have them change their mind on development.", "replies": [], "depth": 2}], "depth": 1}, {"id": "dzgfy2k", "text": "See if they have the plans and any signed GMP\u2019s with any GC\u2019s yet. ", "replies": [{"id": "dzgow9w", "text": "That's a good idea.  Thanks.", "replies": [], "depth": 2}], "depth": 1}, {"id": "dzgkjni", "text": "Are you subordinating the land to the loan on the improvements? ", "replies": [{"id": "dzgokwf", "text": "Hate to show my ignorance, but I don't know what you mean by that.  No debt on the land as I am paying cash and the tenant is paying for all improvements.", "replies": [{"id": "dzgqj20", "text": "It's alright but it's an important point.  On a land lease, the tenant can ask the landlord to include the land as collateral against their loan.  It is otherwise difficult to get a loan for construction on a land lease.  Unless of course the guarantor on the loan is very strong.  The point is, don't allow a clause in the land lease that let's them use your land as collateral on their loan.  If the deal goes bad, their bank can come after your land.  It's glossed over and can catch someone who is inexperienced if they'r not careful.  ", "replies": [{"id": "dzgqv3f", "text": "Im fairly certain we had discussed this point briefly when reviewing some preliminary lease documents.  Thanks for explaining!  I will double check the terms and make sure we don't overlook.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "dzgnrv4", "text": "It would be expensive, but you can have them bond the development.", "replies": [], "depth": 1}, {"id": "dzhhg60", "text": "Why are u doing a land lease and not just selling it them with you holding the note?  That way if they default on the note u get the property back rather then dealing with eviction etc?", "replies": [{"id": "dzi4alk", "text": "This company prefers to lease their developments long term before purchase.  CAPEX / Tax implications I assume.", "replies": [], "depth": 2}], "depth": 1}, {"id": "dzj7oto", "text": "See if you can require ground lessee to get a letter of credit in your favor from reputable bank for as close to the estimated costs to complete the project.  They default, you draw in the l/c and use the funds to complete construction. Then just NNN the building to tenant(s).", "replies": [], "depth": 1}]