ASP.NET project not building in my Testing machine

I have a running project that I need to modify. I am trying to load the whole project into my Visual Studio 15 CE for modifying. I have got the whole list of files in my Solution explorer and then also the database in SQL manager. When I click execute, it gives an error list! Here is the image. enter image description here

Then In the Browser, I get this message:

HTTP Error 500.24 - Internal Server Error
An ASP.NET setting has been detected that does not apply in Integrated managed pipeline mode.
Most likely causes:

system.web/identity@impersonate is set to true.

Things you can try:

If the application supports it, disable client impersonation.
If you are certain that it is OK to ignore this error, it can be disabled by setting   system.webServer/validation@validateIntegratedModeConfiguration to false.

Detailed Error Information:
Module     ConfigurationValidationModule
Notification       BeginRequest
Handler    StaticFile
Error Code     0x80070032
Requested URL      http://localhost:55014    /fanKc9TuE6zuHQVMTPwHWVIHJCM.html
Physical Path      H:\Quoting system files\MGF_LIVE_BACKUP\fanKc9TuE6zuHQVMTPwHWVIHJCM.html
Logon Method       Not yet determined
Logon User     Not yet determined
Request Tracing Directory      D:\Old folders\Documents\IISExpress \TraceLogFiles\MGF_LIVE_BACKUP

This is an application Pool setting issue..

Try going into IIS and changing the app pool for your application to use classic mode instead of integreted mode.

Alternatively you can add this to your Web.Config:

 <system.webServer>
     <validation validateIntegratedModeConfiguration="false" />
 </system.webServer>