go to Pages and Themes > Themes and click on Customize on the theme you want to change, in this case that custom theme you linked to.

Thank you for your reply. I am however still not seeing options for presets in this menu you directed me to. The only options are "Base (default)" and "Home 2." I have attached screenshot of both options and have changed some of the settings.

I do not see all the options in the link that I previously posted.

Thanks for your help, it is much appreciated.

then i'm not sure unfortunately. my suggestion would be to ask the ones supplying the theme or hope for an answer from someone else on here :)

unless i'm missing something these sort of theme customizations should be offered through the theme customization page but could technically be placed anywhere within the dashboard.

Something screwy happening with this theme,
Here is a screenshot from the developers own site,
Notice the duplicated header nav?
Also reading the revues left by others it appears there are a few issues..

I realized that for some reason an older version was installed
when I purchased it. I am not sure how to update to the new version, I have it on my hard drive but I do not see anywhere where it allows me to update the version. Also in doing so will this delete the pages I already created with the older version.

I am hoping that the newer version has more theme options and features.

make a backup of the previous folder within packages (maybe make a backup of your database as well) and replace the previous folder with the new folder. then go to the dashboard to the add functionality page (install) and there should be a box on top saying there are updates available for 1 Add-on. update it and see what happens. it shouldn't affect your existing pages unless the people behind the theme don't know what they're doing.