Issues with server config. trying to import demo template

I am trying to set up the Highend Demo Template I get the following message:

Maximum Execution Time (max_execution_time) : 30 seconds. Recommended max_execution_time should be at least 400 Seconds.
Maximum Input Time (max_input_time) : 60 seconds. max_input_time should be at least 300 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