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From what I understand is, you have set an alert for CPU and Mem using basic alert manager, with basic alert manager it wouldn't be possible for you to place a 'wait period'. Where as, if you would want to place a frequency restriction with 'wait period - time' you can do it using advanced alert manager.
1. Create the same alert using advanced alert manager
2. Under general tab - you would have alert evaluation frequency - check this alert = 'time'
3. Under Trigger Condition tab - you have a wait period - Do not trigger this action until condition exists for more than - 'wait time' (you can specify the wait time here - which is as good as frequency restriction , if CPU load > 95% for more than 30 mins only then trigger an alert)
Hope this helps