AppleScript (TextEdit) Error saving TextEdit document from Script Editor

I have created an AppleScript in hopes of it, when run, reporting the latest date, then saving it to a document named "LastUpdate.txt". When this script is run, it reports back with the error below.

At this point, I don't know what to do, and if possible, would like some help. Thank you in advance.

I will provide the script content below.

tell application "TextEdit"
	activate
	make new document
	set theDate to current date
	set text of document 1 to theDate as text
	save document 1 in "LastUpdate.txt"
end tell