The mechanic couldn't make it yesterday, so he came this morning. I was prepared for the worst and prayed to God for the best. So he hooked up his computer and cleared the errors and activated the parking brake. No unusual sounds were heard. Activate and deactivate begun to function normally.
In summary, my parking brake did not have any problems in its 140,000km life. I made the mistake of operating it with the rotor/disc removed from the hub. The brake extended itself beyond its normal travel and stopped... generating a "parking brake failed" error. In order to put the rotor back on, I had to manually release the parking brake. In order to get the brake working again, we had to connect to a computer and clear all errors. The brake probably went through an initialization procedure and joined its internal components back together again. It looks like the over extending of the brake pads did not result in damage of motors/gears/electrical components - (safety mechanism is probably in place).
Thank God everything worked out just fine! What a week!