The thermostat assemblies under those rubber cover/buttons are to your two different heating modes. The one on the left goes to the electric heating element mode...and the one on the right goes to the propane/gas mode.
Each thermostat assembly has actually two thermostats per assembly connected to one another via a fusible link. You have a normal thermostat that opens up around 130 degrees, to cut off the power source to the heating mode. There is a second thermostat called a hi-limit ECO (Emergency cut off thermostat) that opens up around 160ish degrees. The ECO is a fail safe in case the normal thermostat fails to keep you from getting scalded by super heated water. You can reset the ECO, which you are doing...but the fact it keeps tripping may be another problem.
1.The normal thermostat could be failing to open, thus the water is overheating until the ECO opens up.
2.The ECO could just be failing in itself.
You replace both thermostats (normal and ECO) as one assembly as that is how they come. Make sure if you do replace it, you get the correct part #. As I explained you have two different thermostat assemblies. The one on the left is 120 volt AC and the one on the right is 12 volt DC. They are two different assemblies and part #'s.