Updating Database for first time, getting error

I m building an mvc application, using EF code first. I m right at begning. here is code which is concerned with my problem

Advertisement Model

[Key]
         public virtual int ID { get; set; }
         public virtual int OwnerID { get; set; }
         public virtual int Cycles { get; set; }
         public virtual int Tier { get; set; }
         public virtual decimal Cost { get; set; }
         public string Name { get; set; }
         public virtual string FileName { get; set; }
         public virtual string Path { get; set; }
         public virtual List<AdDisplayTime> DispalyTime { get; set; }
         public virtual DateTime CreateDate { get; set; }
         public virtual DateTime ValidFrom { get; set; }
         public virtual DateTime ValidTill { get; set; }
         public virtual DateTime UpdateDate { get; set; }
         public virtual int UpdatedBy { get; set; }
         public virtual bool FullScreen { get; set; }
         public virtual bool IsAdminAd { get; set; }
         public virtual int Status { get; set; }

AdDisplayTimes Model

[Key]
public virtual int ID { get; set; }
public virtual int AdID { get; set; }
public virtual string DisplayTime { get; set; }

Status Model

[Key]
public virtual int ID { get; set; }
public virtual string Name { get; set; }

Here is seed method in my migrations class

var adDisplayTimes = new List<AdDisplayTime>
                                     {
                                         new AdDisplayTime{AdID = 1,DisplayTime = "10:30"},
                                         new AdDisplayTime{AdID = 1,DisplayTime = "10:40"},
                                         new AdDisplayTime{AdID = 1,DisplayTime = "10:50"},
                                         new AdDisplayTime{AdID = 1,DisplayTime = "11:00"}
                                     };
            context.Advertisements.AddOrUpdate(a => a.Name,
                new Advertisement
                    {
                        Name = "Fisrt Ad",
                        OwnerID = 1,
                        Cycles = 125,
                        Cost = (decimal)234.45,
                        FileName = "test.jpg",
                        Tier = 1,
                        Path = "~/UploadedImages/Pending/test.jpg",
                        DispalyTime = adDisplayTimes,
                        CreateDate = DateTime.Now,
                        ValidFrom = DateTime.Now,
                        ValidTill = DateTime.Now.AddMonths(1),

                        FullScreen = true,
                        IsAdminAd = false,
                        Status = 1
                    }
                );
            context.AdDisplayTimes.AddOrUpdate(ad=>ad.AdID,
                                         new AdDisplayTime { AdID = 1, DisplayTime = "10:30" },
                                         new AdDisplayTime { AdID = 1, DisplayTime = "10:40" },
                                         new AdDisplayTime { AdID = 1, DisplayTime = "10:50" },
                                         new AdDisplayTime { AdID = 1, DisplayTime = "11:00" }
                );
            context.Statuses.AddOrUpdate(s=>s.Name,
                new Status{Name = "Pending"},
                new Status{Name = "Approved"},
                new Status{Name = "Edited"},
                new Status{Name = "Activated"},
                new Status{Name = "DeActivated"}
                );

When i run command "update-database" in package manager in Visual studio I get this

 update-database
Specify the '-Verbose' flag to view the SQL statements being applied to the target database.
No pending code-based migrations.
Running Seed method.
System.Data.Entity.Infrastructure.DbUpdateException: An error occurred while updating the entries. See the inner exception for details. ---> System.Data.UpdateException: An error occurred while updating the entries. See the inner exception for details. ---> System.Data.SqlClient.SqlException: The conversion of a datetime2 data type to a datetime data type resulted in an out-of-range value.
The statement has been terminated.
   at System.Data.SqlClient.SqlConnection.OnError(SqlException exception, Boolean breakConnection, Action`1 wrapCloseInAction)
   at System.Data.SqlClient.SqlInternalConnection.OnError(SqlException exception, Boolean breakConnection, Action`1 wrapCloseInAction)
   at System.Data.SqlClient.TdsParser.ThrowExceptionAndWarning(TdsParserStateObject stateObj, Boolean callerHasConnectionLock, Boolean asyncClose)
   at System.Data.SqlClient.TdsParser.TryRun(RunBehavior runBehavior, SqlCommand cmdHandler, SqlDataReader dataStream, BulkCopySimpleResultSet bulkCopyHandler, TdsParserStateObject stateObj, Boolean& dataReady)
   at System.Data.SqlClient.SqlDataReader.TryConsumeMetaData()
   at System.Data.SqlClient.SqlDataReader.get_MetaData()
   at System.Data.SqlClient.SqlCommand.FinishExecuteReader(SqlDataReader ds, RunBehavior runBehavior, String resetOptionsString)
   at System.Data.SqlClient.SqlCommand.RunExecuteReaderTds(CommandBehavior cmdBehavior, RunBehavior runBehavior, Boolean returnStream, Boolean async, Int32 timeout, Task& task, Boolean asyncWrite)
   at System.Data.SqlClient.SqlCommand.RunExecuteReader(CommandBehavior cmdBehavior, RunBehavior runBehavior, Boolean returnStream, String method, TaskCompletionSource`1 completion, Int32 timeout, Task& task, Boolean asyncWrite)
   at System.Data.SqlClient.SqlCommand.RunExecuteReader(CommandBehavior cmdBehavior, RunBehavior runBehavior, Boolean returnStream, String method)
   at System.Data.SqlClient.SqlCommand.ExecuteReader(CommandBehavior behavior, String method)
   at System.Data.SqlClient.SqlCommand.ExecuteDbDataReader(CommandBehavior behavior)
   at System.Data.Common.DbCommand.ExecuteReader(CommandBehavior behavior)
   at System.Data.Mapping.Update.Internal.DynamicUpdateCommand.Execute(UpdateTranslator translator, EntityConnection connection, Dictionary`2 identifierValues, List`1 generatedValues)
   at System.Data.Mapping.Update.Internal.UpdateTranslator.Update(IEntityStateManager stateManager, IEntityAdapter adapter)
   --- End of inner exception stack trace ---
   at System.Data.Mapping.Update.Internal.UpdateTranslator.Update(IEntityStateManager stateManager, IEntityAdapter adapter)
   at System.Data.EntityClient.EntityAdapter.Update(IEntityStateManager entityCache)
   at System.Data.Objects.ObjectContext.SaveChanges(SaveOptions options)
   at System.Data.Entity.Internal.InternalContext.SaveChanges()
   --- End of inner exception stack trace ---
   at System.Data.Entity.Internal.InternalContext.SaveChanges()
   at System.Data.Entity.Internal.LazyInternalContext.SaveChanges()
   at System.Data.Entity.DbContext.SaveChanges()
   at System.Data.Entity.Migrations.DbMigrator.SeedDatabase()
   at System.Data.Entity.Migrations.Infrastructure.MigratorLoggingDecorator.SeedDatabase()
   at System.Data.Entity.Migrations.DbMigrator.Upgrade(IEnumerable`1 pendingMigrations, String targetMigrationId, String lastMigrationId)
   at System.Data.Entity.Migrations.Infrastructure.MigratorLoggingDecorator.Upgrade(IEnumerable`1 pendingMigrations, String targetMigrationId, String lastMigrationId)
   at System.Data.Entity.Migrations.DbMigrator.Update(String targetMigration)
   at System.Data.Entity.Migrations.Infrastructure.MigratorBase.Update(String targetMigration)
   at System.Data.Entity.Migrations.Design.ToolingFacade.UpdateRunner.RunCore()
   at System.Data.Entity.Migrations.Design.ToolingFacade.BaseRunner.Run()
An error occurred while updating the entries. See the inner exception for details.

Please help me on this