What are the advantages or disadvantages of 2 business partners holding title to land as "joint tenants" or as "tenants in common" (i.e., compare the effect of both scenarios)?

Assuming you and your partner hold title to the property as "tenants in common", what is a practical or creative measure that you could put in place so that, upon the passing of your co-owner, you have access to funds to purchase that person's interest in the property?

If a mortgagee (i.e. a lender or a bank) holds mortgage security against title to the property, what arrangements would have to be made with the mortgagee?