One or more of the parameters have been removed from the build template XAML file, in this case ServerDeploymentScriptLocation and DestinationBinDirectory.
However, the parameter and its value still exist in TFS's build definition database.
To fix this, the build template definition needs to be refreshed and saved. In the process tab, there is a Refresh button that will reload and refresh the build definition, after which it can be saved.
To do this:
In Team Explore, select Builds.
Under "All Build Definitions", select the build to fix, right-click, "Edit Build Definition"
In the left pane, select "Process".
In the right pane, there's a bordered area labelled "Build process template", in the right of which is a "Show details" option. Expand the section by pressing the down arrow.
Press the Refresh button. (In my case, I was really pedantic, and selected another build definition, saved it, then re-selected the original definition, and re-saved).
Initiate another build.
Source: http://geekswithblogs.net/jakob/archive/2010/04/21/getting-tf215097-error-after-modifying-a-build-process-template-in.aspx