In the event OWNER offers the Property for sale, then HOLDER shall have the right (but not the obligation) to purchase the Property under the following terms and conditions: (1) Once OWNER has established an asking or listing price for the Property, OWNER shall first notify HOLDER in writing of OWNER’s intent to sell and shall then offer the Property for sale to HOLDER at this price.

I am biased, I am a buy and holder!

Call the mortgage holder and ask what their policy allows.

This part might be very important if you are a long term buy and holder. 

Smaller commercial properties usually fair better with smaller private banks and I would not consider a large mortgage banker or bank at all.Lastly, At this time, I would approach my seller/note holder and see if I could intice them into modifying the note for a longer term, like three more years.

Whoever is offering it at the lowest price is generally the contract holder.

But as Bill Gulley stated (as well as David Krulac in his experiences) I've been there where a title binder would come back and I would run off chasing down judgment holders, lenders, debtors etc. trying to clear a title issue only to have my attorney say "well I'm pretty sure the title co. will omit this".

Money that you no longer have to pay is no different than earning $10k in a deal and sending a $10k check to the loan holder to reduce the debt (assuming you don't have to pay taxes on the amount forgiven?).

I don't understand the part about the bank owning the property, usually the bank is only the lien holder and needs to go thru foreclosure proceedings in order to claim ownership.

I would assume that if they are the only lien holder it would not be a subordinate note, rather the primary.