PLEASE, add set reminder to AND for location and time PERIOD, as both conditions must be met for all my use cases. This is really urgent!

Yes, please set to "AND" for time and location to trigger reminder, not "OR", or make this behavior optional.
It also would be great if area is selected instead of pin only

In most cases the location based reminder can't be used without defining a time period as well. It would be very useful if I could set the location based reminder as I arrive or leave a certain location on a certain day in a defined time period. For example if I should bring something from home on next Tuesday morning I would need this option as I will be at home many times before next Tuesday morning. Or if you go frequently on a route where there is a shop where you should buy something at the weekend it should warn only at the weekend when you are there not the next time. And there is a lot of other, basically in most cases where the location based reminder can't be used without defining the time period.