Googled and reviewed the video from Appliance Parts Pro and ordered Hi-Limit Thermostat. I received the part the next day after ordering and stalled part as viewed on their video without a problem, but I also had to remove the wire endings since they were burnt and the insulation was partially melted from the excessive heat before giving out and now it works perfectly. Installation time in total was about 45 minutes including the rewiring.
Thanks Appliance Parts Pro.