Can't install Demo

Hi,

I got this message while trying to install the main demo template for highend wordpress theme;

Please resolve these issues with your server configuration before importing any demo template:

Maximum Execution Time (max_execution_time) : 120 seconds. Recommended max_execution_time should be at least 400 Seconds.
WordPress Memory Limit (WP_MEMORY_LIMIT) : 40M memory limit should be at least 64MB. Please refer to : Increasing memory allocated to PHP for more information

Kindly advise on next steps

Thank you