Solution:
This error is caused by a lack of write permissions on either the Microsoft .NET Frameworkâs Temporary folder or the Windows Temp folder. Even if the message refers to the Microsoft .NET Framework, the problem may still be permissions of the Windows Temp folder. The Windows Temp folder is specified by the TMP and TEMP environment variables. By default the TMP and TEMP variables point to C:\Windows\Temp.

There are two users that must be given permission to both of these temporary folders.
The first user is the user accessing the web application and the second is the default Application Pool Identity user.
The USER must have full permissions to both the temporary folders. The Application Pool Identity is typically set up to use the NETWORK SERVICE user account on your local machine. Give full permissions to the NETWORK SERVICE user to access both the temporary folders.
Grant full permissions (or at least read / write / modify permissions) for the folder:
c:\WINDOWS\Microsoft.NET\Framework\v2.0.50727\Temporary ASP.NET Files
Or you may refer to the below links: -