Function the_time Error

<div class="blog-page">

                                                                <?php $paged = (get_query_var('paged')) ? get_query_var('paged') : 1;
                                                                query_posts('paged='.$paged.'&orderby='.$option['blog_order'].'&cat='.$option['blog_cat']); ?>

                                                                <?php while (have_posts()) : the_post(); ?>

                                                                <!-- Begin Post -->

                                                                <div class="leading">
                                                                    <div <?php post_class(); ?> id="post-<?php the_ID(); ?>">

                                                                        <?php if ($option['blog_title'] == 'true') { ?>

                                                                        <!-- Begin Title -->

                                                                        <div class="article-rel-wrapper">

                                                                            <?php if ($option['blog_title_link'] == 'true') { ?>

                                                                            <div class="contentheading">
                                                                                <a href="<?php the_permalink(); ?>" title="<?php the_title(); ?>"><?php the_title(); ?></a>
                                                                            </div>

                                                                            <?php } else { ?>

                                                                            <div class="contentheading">
                                                                                <?php the_title(); ?>
                                                                            </div>

                                                                            <?php } ?>

                                                                        </div>

                                                                        <!-- End Title -->

                                                                        <?php } ?>

                                                                        <?php if ($option['blog_meta'] == 'true') { ?>

                                                                        <!-- Begin Meta -->

                                                                        <div class="article-info-surround">

                                                                            <?php if ($option['blog_author'] == 'true') { ?>

                                                                            <!-- Begin Author -->

                                                                            <span class="createdby"><?php _re('Written by'); ?> <?php the_author(); ?></span><br />

                                                                            <!-- End Author -->

                                                                            <?php } ?>

                                                                            <?php if ($option['blog_date'] == 'true') { ?>

                                                                            <!-- Begin Date & Time -->

                                                                            <span class="createdate"><?php the_time('l, F jS, Y') ?></span><br /><br />

                                                                            <!-- End Date & Time -->

                                                                            <?php } ?>

                                                                            <?php if ($option['blog_comments'] == 'true') { ?>

                                                                            <!-- Begin Date & Time -->

                                                                            <span class="commentcount"><?php comments_number(_r('No Comments'), _r('1 Comment'), _r('% Comments')); ?></span>

                                                                            <!-- End Date & Time -->

                                                                            <?php } ?>

                                                                        </div>

                                                                        <!-- End Meta -->

                                                                        <?php } ?>

                                                                        <div class="main-content-post">

                                                                            <div class="post-content">

                                                                                <?php $thumb = get_post_meta($post->ID, 'thumb', TRUE); ?>
                                                                                <?php if(function_exists('has_post_thumbnail') && has_post_thumbnail()) { ?>

                                                                                    <!-- Begin Post Image -->

                                                                                    <div class="post-image">
                                                                                        <?php the_post_thumbnail(); ?>
                                                                                    </div>

                                                                                    <!-- End Post Image -->

                                                                                <?php } else { ?>

                                                                                    <?php if ($thumb != '') { ?>

                                                                                        <!-- Begin Post Image -->

                                                                                        <div class="post-image">
                                                                                            <img src="<?php bloginfo('template_directory'); ?>/timthumb.php?src=<?php echo $thumb ?>&amp;w=<?php echo $option['thumb_width']; ?>&amp;h=<?php echo $option['thumb_height']; ?>&amp;zc=1&amp;q=75" alt="<?php the_title(); ?>" />
                                                                                        </div>

                                                                                        <!-- End Post Image -->

                                                                                    <?php } ?>

                                                                                <?php } ?>

                                                                                <?php if ($option['blog_content'] == 'content') { ?>

                                                                                <?php the_content(false); ?>

                                                                                <?php } else { ?>

                                                                                <?php the_excerpt(); ?>

                                                                                <?php } ?>

                                                                                <div class="clr"></div>

                                                                                <?php if(preg_match('/<!--more(.*?)?-->/', $post->post_content)) { ?>

                                                                                <a href="<?php the_permalink(); ?>" class="readon"><?php _re(' Read more ...'); ?></a>

                                                                                <?php } ?>

                                                                            </div>
                                                                        </div>
                                                                        <div class="clr"></div>
                                                                    </div>
                                                                </div>
                                                                <span class="leading_separator">&nbsp;</span>

                                                                <!-- End Post -->

                                                                <?php endwhile;?>