How can I set the date and time to autoupdate on the WR 11 modem so that it doesnt reset when it looses power

Check out the “Autoset Date and Time parameters” in the user guide http://ftp1.digi.com/support/documentation/90001019_L.pdf

You can set up any SNTP server in your network/on the internet. All new Digi devices should be set to poll time.etherios.com to get their time.