Document:

Exhibit
10.55

 

COMMERCIAL
GUARANTY

 

	Principal	Loan Date	Maturitiy	Loan No	Call / Coll	Account	
        Officer

        ***
	Initials
	References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing “***” has been omitted due to text length limitations.

 

	Borrower:	superior
                           auto body and paint, LLC 

        3978
        WEST 12600 SOUTH 

        RIVERTON,
        UT 84096
	 	Lender:	Mountain
                           America Credit Union

        SBA
        Department

        7181
        South Campus View Drive

        West
        Jordan, UT 84084

	 	 	 	 	 
	Guarantor:	superior
    drilling products, LLC 

    2221 NORTH 3250 WEST 

    VERNAL, UT 84078	 	 	 
	 	 	 	 	 

 

CONTINUING
GUARANTEE OF PAYMENT AND PERFORMANCE. For good and valuable consideration, Guarantor absolutely and unconditionally guarantees
full and punctual payment and satisfaction of the Indebtedness of Borrower to Lender, and the performance and discharge of all
Borrower’s obligations under the Note and the Related Documents. This is a guaranty of payment and performance
and not of collection, so Lender can enforce this Guaranty against Guarantor even when Lender has not exhausted Lender’s
remedies against anyone else obligated to pay the Indebtedness or against any collateral securing the Indebtedness, this Guaranty
or any other guaranty of the Indebtedness. Guarantor will make any payments to Lender or its order, on demand, in legal tender
of the United States of America, in same-day funds, without set-off or deduction or counterclaim, and will otherwise perform Borrower’s
obligations under the Note and Related Documents. Under this Guaranty, Guarantor’s liability is unlimited and Guarantor’s
obligations are continuing.

 

INDEBTEDNESS.
The word “Indebtedness” as used in this Guaranty means all of the principal amount outstanding from time to time and
at any one or more times, accrued unpaid interest thereon and all collection costs and legal expenses related thereto permitted
by law, reasonable attorneys’ fees, arising from any and all debts, liabilities and obligations of every nature of form,
now existing or hereafter arising or acquired, that Borrower Individually or collectively or interchangeably with others, owes
or will owe Lender. ‘‘Indebtedness” includes, without limitation, loans, advances, debts, overdraft indebtedness,
credit card indebtedness, lease obligations, liabilities and obligations under any interest rate protection agreements or foreign
currency exchange agreements or commodity price protection agreements, other obligations, and liabilities of Borrower, and any
present or future judgments against Borrower, future advances, loans or transactions that renew, extend, modify, refinance, consolidate
or substitute these debts, liabilities and obligations whether: voluntarily or involuntarily incurred; duo or to become due by
their terms or acceleration; absolute or contingent; liquidated or unliquidated; determined or undetermined; direct or Indirect;
primary or secondary in nature or arising from a guaranty or surety; secured or unsecured; joint or several or joint and several;
evidenced by a negotiable or non-negotiable instrument or writing; originated by Lender or another or others; barred or unenforceable
against Borrower for any reason whatsoever; for any transactions that may be voidable for any reason (such as infancy, insanity,
ultra vires or otherwise); and originated then reduced or extinguished and then afterwards increased or reinstated.

 

If
Lender presently holds one or more guaranties, or hereafter receives additional guaranties from Guarantor, Lender’s rights
under all guaranties shall be cumulative. This Guaranty shall not (unless specifically provided below to the contrary) affect
or invalidate any such other guaranties. Guarantor’s liability will be Guarantor’s aggregate liability under the terms
of this Guaranty and any such other unterminated guaranties.

 

CONTINUING
GUARANTY. THIS IS A ‘‘CONTINUING GUARANTY” UNDER WHICH GUARANTOR AGREES TO GUARANTEE THE FULL AND PUNCTUAL
PAYMENT, PERFORMANCE AND SATISFACTION OF THE INDEBTEDNESS OF BORROWER TO LENDER, NOW EXISTING OR HEREAFTER ARISING OR ACQUIRED,
ON AN OPEN AND CONTINUING BASIS. ACCORDINGLY, ANY PAYMENTS MADE ON THE INDEBTEDNESS WILL NOT DISCHARGE OR DIMINISH GUARANTOR’S
OBLIGATIONS AND LIABILITY UNDER THIS GUARANTY FOR ANY REMAINING AND SUCCEEDING INDEBTEDNESS EVEN WHEN ALL OR PART OF THE OUTSTANDING
INDEBTEDNESS MAY BE A ZERO BALANCE FROM TIME TO TIME.

 

DURATION
OF GUARANTY. This Guaranty will take effect when received by Lender without the necessity of any acceptance by Lender, or
any notice to Guarantor or to Borrower, and will continue in full force until all the Indebtedness incurred or contracted
before receipt by Lender of any notice of revocation shall have been fully and finally paid and satisfied and all of
Guarantor’s other obligations under this Guaranty shall have been performed in full. If Guarantor elects to revoke this
Guaranty, Guarantor may only do so in writing. Guarantor’s written notice of revocation must be mailed to Lender, by
certified mail, at Lender’s address listed above or such other place as Lender may designate in writing. Written
revocation of this Guaranty will apply only to new Indebtedness created after actual receipt by Lender of Guarantor’s
written revocation. For this purpose and without limitation, the term “new Indebtedness” does not Include the
Indebtedness which at the time of notice of revocation is contingent, unliquidated, undetermined or not due and which later
becomes absolute, liquidated, determined or due. For this purpose and without limitation, “new Indebtedness” does
not include all or part of the Indebtedness that is: incurred by Borrower prior to revocation; incurred under a commitment
that became binding before revocation; any renewals, extensions, substitutions, and modifications of the Indebtedness. This
Guaranty shall bind Guarantor’s estate as to the Indebtedness created both before and after Guarantor’s death or
incapacity, regardless of Lender’s actual notice of Guarantor’s death. Subject to the foregoing,
Guarantor’s executor or administrator or other legal representative may terminate this Guaranty in the same manner in
which Guarantor might have terminated it and with the same effect. Release of any other guarantor or termination of any other
guaranty of the Indebtedness shall not affect the liability of Guarantor under this Guaranty. A revocation Lender receives
from any one or more Guarantors shall not affect the liability of any remaining Guarantors under this Guaranty. It is
anticipated that fluctuations may occur in the aggregate amount of the Indebtedness covered by this Guaranty, and
Guarantor specifically acknowledges and agrees that reductions in the amount of the Indebtedness, even to zero dollars
($0.00), shall not constitute a termination of this Guaranty. This Guaranty is binding upon Guarantor and Guarantor’s
heirs, successors and assigns so long as any of the Indebtedness remains unpaid and even though the Indebtedness may from
time to time be zero dollars ($0.00).

 

GUARANTOR’S
AUTHORIZATION TO LENDER. Guarantor authorizes Lender, either before or after any revocation hereof, without notice or demand
and without lessening Guarantor’s liability under this Guaranty, from time to time: (A) prior to revocation as set forth
above, to make one or more additional secured or unsecured loans to Borrower, to lease equipment or other goods to Borrower, or
otherwise to extend additional credit to Borrower; (B) to alter, compromise, renew, extend, accelerate, or otherwise change one
or more times the time for payment or other terms of the Indebtedness or any part of the indebtedness, including increases and
decreases of the rate of interest on the indebtedness; extensions may be repeated and may be for longer than the original loan
term; (C) to take and hold security for the payment of this Guaranty or the Indebtedness, end exchange, enforce, waive, subordinate,
fail or decide not to perfect, and release any such security, with or without the substitution of new collateral; (D) to release,
substitute, agree not to sue, or deal with any one or more of Borrower’s sureties, endorsers, or other guarantors on any
terms or in any manner Lender may choose; (E) to determine how, when and what application of payments and credits shall be made
on the Indebtedness; (F) to apply such security and direct the order or manner of sale thereof, including without limitation, any
nonjudicial sale permitted by the terms of the controlling security agreement or deed of trust, as Lender in its discretion may
determine; (G) to sell, transfer, assign or grant participations in all or any part of the Indebtedness; and (H) to assign or transfer
this Guaranty in whole or in part.

 

    	 

    	 

    

 

	Loan No: 9207252-90	
        COMMERCIAL
        GUARANTY 

        (Continued)
	Page 2

 

GUARANTOR’S
REPRESENTATIONS AND WARRANTIES. Guarantor represents and warrants to Lender that (A) no representations or agreements of any
kind have been made to Guarantor which would limit or qualify in any way the terms of this Guaranty; (B) this Guaranty is executed
at Borrower’s request and not at the request of Lender; (C) Guarantor has full power, right and authority to enter Into
this Guaranty; (D) the provisions of this Guaranty do not conflict with or result in a default under any agreement or other instrument
binding upon Guarantor and do not result in a violation of any law, regulation, court decree or order applicable to Guarantor;
(E) Guarantor has not and will not, without the prior written consent of Lender, sell, lease, assign, encumber, hypothecate, transfer,
or otherwise dispose of all or substantially all of Guarantor’s assets, or any interest therein; (F) upon Lender’s
request, Guarantor will provide to Lender financial and credit information in form acceptable to Lender, and all such financial
information which currently has been, and all future financial information which will be provided to Lender is and will be true
and correct in all material respects and fairly present Guarantor’s financial condition as of the dates the financial information
is provided; (G) no material adverse change has occurred in Guarantor’s financial condition since the date of the most recent
financial statements provided to Lender and no event has occurred which may materially adversely affect Guarantor’s financial
condition; (H) no litigation, claim, investigation, administrative proceeding or similar action (including those for unpaid taxes)
against Guarantor is pending or threatened; (I) Lender has made no representation to Guarantor as to the creditworthiness of Borrower;
and (J) Guarantor has established adequate means of obtaining from Borrower on a continuing basis information regarding Borrower’s
financial condition. Guarantor agrees to keep adequately informed from such means of any facts, events, or circumstances which
might in any way affect Guarantor’s risks under this Guaranty, and Guarantor further agrees that, absent a request for information,
Lender shall have no obligation to disclose to Guarantor any information or documents acquired by Lender in the course of its
relationship with Borrower.

 

GUARANTOR’S
WAIVERS. Except as prohibited by applicable law, Guarantor waives any right to require Lender (A) to continue lending money
or to extend other credit to Borrower; (B) to make any presentment, protest, demand, or notice of any kind, including notice of
any nonpayment of the Indebtedness or of any nonpayment related to any collateral, or notice of any action or nonaction on the
part of Borrower, Lender, any surety, endorser, or other guarantor in connection with the Indebtedness or in connection with the
creation of new or additional loans or obligations; (C) to resort for payment or to proceed directly or at once against any person,
including Borrower or any other guarantor; (D) to proceed directly against or exhaust any collateral held by Lender from Borrower,
any other guarantor, or any other person; (E) to give notice of the terms, time, and place of any public or private sale of personal
property security held by Lender from Borrower or to comply with any other applicable provisions of the Uniform Commercial Code;
(F) to pursue any other remedy within Lender’s power; or (G) to commit any act or omission of any kind, or at any time, with
respect to any matter whatsoever.

 

Guarantor
also waives any and all rights or defenses based on suretyship or impairment of collateral including, but not limited to, any rights
or defenses arising by reason of (1) any election of remedies by Lender Which destroys or otherwise adversely affects Guarantor’s
subrogation rights or Guarantor’s rights to proceed against Borrower for reimbursement, including without limitation, any
loss of rights Guarantor may suffer by reason of any law limiting, qualifying, or discharging the Indebtedness; (2) any disability
or other defense of Borrower, of any other guarantor, or of any other person, or by reason of the cessation of Borrower’s
liability from any cause whatsoever, other than payment in full in legal tender, of the Indebtedness; (3) any right to claim discharge
of the Indebtedness on the basis of unjustified impairment of any Collateral for the Indebtedness; or (4) any statute of limitations,
if at any time any action or suit brought by Lender against Guarantor is commenced, there is outstanding Indebtedness which is
not barred by any applicable statute of limitations. Guarantor acknowledges and agrees that Guarantor’s obligations under
this Guaranty shall apply to and continue with respect to any amount paid to Lender which is subsequently recovered from Lender
for any reason whatsoever (including without limitation as a result of bankruptcy, Insolvency or fraudulent conveyance proceeding),
notwithstanding the fact that all or a part of the Indebtedness may have been previously paid, or this Guaranty may have been terminated,
or both.

 

Guarantor
also waives and agrees not to assert or take advantage of (1) any right (including the right, if any, under Utah’s one-action
rule as set forth in Utah Code Annotated, 1953, Section 78B-6-901) to require Lender to proceed against or exhaust any security
held by Lender at any time or to pursue any other remedy in Lender’s power before proceeding against Guarantor; (2) the release
or surrender of any security held for the payments of the Indebtedness; or (3) any defense based upon an election of remedies (including,
if available, an election of remedies to proceed by non-judicial foreclosure) by Lender which destroys or otherwise impairs the
subrogation rights of Guarantor or the right of Guarantor to proceed against Borrower for reimbursement, or both.

 

Guarantor
further waives and agrees not to assert or claim at any time any deductions to the amount guaranteed under this Guaranty for any
claim of setoff, counterclaim, counter demand, recoupment or similar right, whether such claim, demand or right may be asserted
by the Borrower, the Guarantor, or both.

 

Guarantor’s
Understanding With Respect To Waivers. Guarantor warrants and agrees that each of the waivers set forth above is made with
Guarantor’s full knowledge of its significance and consequences and that, under the circumstances, the waivers are reasonable
and not contrary to public policy or law. If any such waiver is determined to be contrary to any applicable law or public policy,
such waiver shall be effective only to the extent permitted by law or public policy.

 

Collateral.
This Guaranty is secured by REAL ESTATE LOCATED AT 3978 WEST 12000 SOUTH, RIVERTON, UT 84096.

 

Subordination
of Borrower’s Debts to Guarantor. Guarantor agrees that the Indebtedness, whether now existing or hereafter created,
shall be superior to any claim that Guarantor may now have or hereafter acquire against Borrower, whether or not Borrower becomes
insolvent. Guarantor hereby expressly subordinates any claim Guarantor may have against Borrower, upon any account whatsoever,
to any claim that Lender may now or hereafter have against Borrower. In the event of insolvency and consequent liquidation of
the assets of Borrower, through bankruptcy, by an assignment for the benefit of creditors, by voluntary liquidation, or
otherwise, the assets of Borrower applicable to the payment of the claims of both Lender and Guarantor shall be paid to Lender
and shall be first applied by Lender to the Indebtedness. Guarantor does hereby assign to Lender all claims which it may have
or acquire against Borrower or against any assignee or trustee in bankruptcy of Borrower; provided however, that such assignment
shall be effective only for the purpose of assuring to Lender full payment in legal tender of the Indebtedness. If Lender so requests,
any notes or credit agreements now or hereafter evidencing any debts or obligations of Borrower to Guarantor shall be marked with
a legend that the same are subject to this Guaranty and shall be delivered to Lender. Guarantor agrees, and Lender is hereby authorized,
in the name of Guarantor, from time to time to file financing statements and continuation statements and to execute documents
and to take such other actions as Lender deems necessary or appropriate to perfect, preserve and enforce its rights under this
Guaranty.

 

Miscellaneous
Provisions. The following miscellaneous provisions are a part of this Guaranty:

 

Amendments.
This Guaranty, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the
matters set forth in this Guaranty, No alteration of or amendment to this Guaranty shall be effective unless given in writing and
signed by the party or parties sought to be charged or bound by the alteration or amendment.

 

    	 

    	 

    

 

	
         

        Loan No:
        9207252-90
	
        COMMERCIAL
        GUARANTY 

        (Continued)
	Page
    3

 

Arbitration.
Borrower and Guarantor and Lender agree that all disputes, claims and controversies between them whether individual, joint,
or class in nature, arising from this Guaranty or otherwise, including without limitation contract and tort disputes, shall
be arbitrated pursuant to the Rules of the American Arbitration Association in effect at the time the claim is filed, upon
request of either party. No act to take or dispose of any Collateral shall constitute a waiver of this arbitration agreement
or be prohibited by this arbitration agreement. This includes, without limitation, obtaining injunctive relief or a temporary
restraining order; invoking a power of sale under any deed of trust or mortgage: obtaining a writ of attachment or imposition
of a  receiver; or exercising any rights relating to personal property, Including taking or disposing of such property with
or without judicial process pursuant to Article 9 of the Uniform Commercial Code, Any disputes, claims, or controversies
concerning the lawfulness or reasonableness of any act, or exercise of any right, concerning any Collateral, including any
claim to rescind, reform, or otherwise modify any agreement relating to the Collateral, shall also be arbitrated, provided
however that no arbitrator shall have the right or the power to enjoin or restrain any act of any party. Judgment upon any
award rendered by any arbitrator may be entered in any court having jurisdiction. Nothing in this Guaranty shall preclude any
party from soaking equitable relief from a court of competent jurisdiction. The statute of limitations, estoppel, waiver,
laches, and similar doctrines which would otherwise be applicable in an action brought by a party shall be applicable in any
arbitration proceeding, and the commencement of an arbitration proceeding shall be deemed the commencement of an action for
these purposes. The Federal Arbitration Act shall apply to the construction, interpretation, and enforcement of this
arbitration provision.

 

Attorneys’
Fees; Expenses. Guarantor agrees to pay upon demand all of Lender’s costs and expenses, including Lender’s reasonable
attorneys’ fees and Lender’s legal expenses, incurred in connection with the enforcement of this Guaranty. Lender may
hire or pay someone else to help enforce this Guaranty, and Guarantor shall pay the costs and expenses of such enforcement. Costs
and expenses include Lender’s reasonable attorneys’ fees and legal expenses whether or not Lender’s salaried
employee and whether or not there is a lawsuit, including reasonable attorneys’ fees and legal expenses for bankruptcy proceedings
(including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection
services. Guarantor also shall pay all court costs and such additional fees as may be directed by the court.

 

Caption
Headings. Caption headings in this Guaranty are for convenience purposes only and are not to be used to interpret or define
the provisions of this Guaranty.

 

Governing
Law. This Guaranty will be governed by federal law applicable to Lender and, to the extent notpreemptedby federal law,
the laws of the State of Utah without regard to its conflicts of law provisions.

 

Choice
of Venue. If there is a lawsuit, Guarantor agrees upon Lender’s request to submit to the jurisdiction of thecourtsofSalt
Lake County, State of Utah.

 

Integration.
Guarantor further agrees that Guarantor has read and fully understands the terms of this Guaranty; Guarantor has had the opportunity
to be advised by Guarantor’s attorney with respect to this Guaranty; the Guaranty fully reflects Guarantor’s intentions
and parol evidence is not required to interpret the terms of this Guaranty. Guarantor hereby indemnifies and holds Lender harmless
from all losses, claims, damages, and costs (including Lender’s attorneys’ fees) suffered or incurred by Lender as
a result of any breach by Guarantor of the warranties, representations and agreements of this paragraph.

 

Interpretation.
In all cases where there is more than one Borrower or Guarantor, then all words used in this Guaranty In the singular shall be
deemed to have been used in the plural where the context and construction so require; and where there is more than one Borrower
named in this Guaranty or when this Guaranty is executed by more than one Guarantor, the words “Borrower” and ‘‘Guarantor”
respectively shall mean all and any one or more of them. The words “Guarantor,” “Borrower,” and “Lender”
include the heirs, successors, assigns, and transferees of each of them. If a court finds that any provision of this Guaranty is
not valid or should not be enforced, that fact by itself will not mean that the rest of this Guaranty will not be valid or enforced.
Therefore, a court will enforce the rest of the provisions of this Guaranty even if a provision of this Guaranty may be found to
be invalid or unenforceable. If any one or more of Borrower or Guarantor are corporations, partnerships, limited liability companies,
or similar entities, it is not necessary for Lender to Inquire into the powers of Borrower or Guarantor or of the officers, directors,
partners, managers, or other agents acting or purporting to act on their behalf, and any indebtedness made or created in reliance
upon the professed exercise of such powers shall be guaranteed under this Guaranty.

 

Notices.
Unless otherwise provided by applicable law, any notice required to be given under this Guaranty or required by law shall be given
in writing, and, except for revocation notices by Guarantor, shall be effective when actually delivered in accordance with the
law or with this Guaranty, when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally
recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered
mail postage prepaid, directed to the addresses shown near the beginning of this Guaranty. All revocation notices by Guarantor
shall be in writing and shall be effective upon delivery to Lender as provided in the section of this Guaranty entitled “DURATION
OF GUARANTY.” Any party may change its address for notices under this Guaranty by giving formal written notice to the other
parties, specifying that the purpose of the notice is to change the party’s address. For notice purposes, Guarantor agrees
to keep Lender informed at all times of Guarantor’s current address. Unless otherwise provided by applicable law, if there
is more than one Guarantor, any notice given by Lender to any Guarantor is deemed to be notice given to all Guarantors.

 

			No Waiver by Lender. Lender shall not be deemed to have waived any
rights under this Guaranty unless such waiver Is given in writing and signed by Lender. No delay or omission on the part of Lender
in exercising any right shall operate as a waiver of such right or any other right. A waiver by Lender of a provision of this Guaranty
shall not prejudice or constitute a waiver of Lender’s right otherwise to demand strict compliance with that provision or
any other provision of this Guaranty. No prior waiver by Lender, nor any course of dealing between Lender and Guarantor, shall
constitute a waiver of any of Lender’s rights or of any of Guarantor’s obligations as to any future transactions. Whenever
the consent of Lender is required under this Guaranty, the granting of such consent by Lender in any instance shall not constitute
continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or withheld
in the sole discretion of Lender.

 

Successors
and Assigns. Subject to any limitations stated in this Guaranty on transfer of Guarantor’s interest, this Guaranty shall
be binding upon and inure to the benefit of the parties, their successors and assigns.

 

Waive
Jury. Lender and Guarantor hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by either
Lender or Guarantor against the other.

 

Definitions.
The following capitalized words and terms shall have the following meanings when used in this Guaranty. Unless specifically stated
to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and
terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words
and terms not otherwise defined in this Guaranty shall have the meanings attributed to such terms in the Uniform Commercial Code:

 

			Borrower. The word “Borrower” means SUPERIOR AUTO BODY AND PAINT, LLC and includes
all co-signers and co-makers signing the Note and all their successors and assigns.

 

			Guarantor. The word “Guarantor” means everyone signing
this Guaranty, including without limitation SUPERIOR DRILLING PRODUCTS, LLC, and in each case, any signer’s successors and
assigns.

 

			Guaranty. The word “Guaranty” means this guaranty from
Guarantor to Lender.

 

    	 

    	 

    

 

	 	COMMERCIAL GUARANTY	 
	Loan
No: 9207252-90	(Continued)	Page 4

 

Indebtedness.
The word “Indebtedness” means Borrower’s indebtedness to Lender as more particularly described in this Guaranty.
Lender. The word “Lender” means Mountain America Credit Union, its successors and assigns.

 

Note.
The word “Note” means and includes without limitation all of Borrower’s promissory notes and/or credit agreements
evidencing Borrower’s loan obligations in favor of Lender, together with all renewals of, extensions of, modifications of,
refinancings of, consolidations of and substitutions for promissory notes or credit agreements.

 

Related
Documents, The words “Related Documents” mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments,
agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness.

 

EACH
UNDERSIGNED GUARANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS GUARANTY AND AGREES TO ITS TERMS. IN ADDITION, EACH GUARANTOR
UNDERSTANDS THAT THIS GUARANTY IS EFFECTIVE UPON GUARANTOR’S EXECUTION AND DELIVERY OF THIS GUARANTY TO LENDER AND THAT THE
GUARANTY WILL CONTINUE UNTIL TERMINATED IN THE MANNER SET FORTH IN THE SECTION TITLED “DURATION OF GUARANTY”. NO FORMAL
ACCEPTANCE BY LENDER IS NECESSARY TO MAKE THIS GUARANTY EFFECTIVE. THIS GUARANTY IS DATED MARCH 19, 2012.

 

GUARANTOR:

 

SUPERIOR
DRILLING PRODUCTS, LLC

 

	By:	/s/ ANNETTE D.
    MEIER	 
	 	ANNETTE D. MEIER, Manager of SUPERIOR	 
	 	DRILLING PRODUCTS, LLC	 

 

	LASER PRO Lending, Ver. 5.60.00.005 Copr. Harland Financial Solutions, Inc. 1997, 2012. All Rights Reserved. - CA C:\HARLANDLP\CFI\LPL\G14.FC TR-112 PR-14Exhibit 10.56

 

WHEN RECORDED RETURN TO:

Mountain West Small Business Finance

2595 East 3300 South

Salt Lake City, Utah 84109

 

Lease

 

1.        
The Parties and The Property:

 

MEIER PROPERTIES, SERIES LLC hereinafter referred to as “Lessor”,
hereby leases to:

 

SUPERIOR AUTO BODY AND PAINT, LLC hereinafter referred to as
“Lessee”, all those premises and personal property described in SBA Loan Authorization, SBA 504 No. 43590850-09 situate,
lying and being in Salt Lake County, State of Utah, commonly known as:

3978 West 12600-South, Riverton, UT 84065 and more particularly
described in Exhibit “A” which is attached hereto and incorporated herein by this reference (the “Property”).

 

2.
        The Term. TO HAVE AND TO HOLD the Property, together with the
appurtenances, unto the Lessee for a term of approximately twenty (20) years commencing May 25, 2012, for and during the
latest of May 25, 2032 or until the SAB 504 Loan under SBA Loan Authorization No. 43590850-09 is paid in full.

 

3.         The
Lease Payment. Lessee covenants and agrees to pay Lessor a lease payment in the sum of $ 20,000,00 on the first day of
each month during the term of this Lease provided, however, that the amount of rent paid must be substantially the same as the
debt service on the Third Party Lender Loan and the SBA 504 Loan together with an amount necessary to cover taxes and assessments,
utilities and insurance and a repair/replacement reserve. The lease payment shall be reduced to the extent that it is in excess
of the amount needed to meet the debt service and expenses. In the event there is more than one operating company under the terms
of the SBA Loan, the lease payments of all operating companies shall be considered together and shall be reduced, pro rata, in
the event, when considered, together, they are in excess of amount needed to meet the debt service and expenses above described.

 

4.         The
Return of the Property. Lessee further agrees to deliver up to Lessor at the expiration of said term in as good order and
condition as when the same were entered upon by Lessee, reasonable use and wear thereof and damage by the elements excepted.

 

5.         No
Sublease or Assignment. The Lessee will not let, underlet, assign the Property, or any part thereof, without the prior
written consent of Lessor, which consent will not be unreasonably withheld.

 

    	Page 1 of 4

    	 

    

 

6.         Default/Remedies.
And Lessee further covenants and agrees that if any monthly lease payment or any part thereof shall be unpaid for 20 days
after the same shall become due; or if default in any of the covenants herein contained to be kept by Lessee is not cured within
20 days from written notice, or if Lessee shall vacate such premises, Lessor may elect, without notice or legal process, to re-enter
and take possession of the Property and every and any part thereof and re-let the same and apply the net proceeds so received
upon the amount due or to become due under this lease, and Lessee agrees to pay any deficiency.

 

7.         Utilities. Taxes
and Insurance. Responsibility for utilities, taxes and insurance shall be as indicated [Lessee responsible for (T), Lessor
responsible for (L)]:

 

Power T, Heat T, Water T , Sewer
T, Telephone T, Real Property Tax T, Personal-Property Tax T, Fire Insurance on Personal Property T, Glass Insurance T, Others:

None.

 

8.         Maintenance
and Repair. Responsibility for the maintenance and repair; of the Property shall be as indicated. [Lessee responsible
for (T), Lessor responsible for (L)]:

 

Roof L. Exterior Walls L, Interior
Walls L, Structural Repair L, Interior Decorating T. Exterior Painting L, Yard Surfacing L, Plumbing Equipment L, Heating
and Air Conditioning Equipment L, Electrical Equipment L, Light Globes and Tubes T. Glass Breakage X. Trash Removal T, Snow Removal
T. Janitorial T. Others:

None.

 

9.         Negligence.
Each party shall be responsible for losses resulting from negligence or misconduct of himself, his employees or invitees.

 

10.         Lessor’s
Lien. Furniture, furnishings and personal property of Lessee may not be removed from the premises until all lease payments
and other charges are fully paid, and Lessor shall have a lien upon said personal property until the same are paid in full.

 

11.         Attorney’s
Fees and Collection Costs. In case of failure to faithfully perform the terms and covenants herein set forth, the defaulting
party shall pay all costs, expenses, and reasonable attorneys’ fees resulting from the enforcement of this agreement or
any right arising out of such breach.

 

12.         SBA
Loan Requirements. In consideration of SBA Loan No. 43590850-09, Lessor and Lessee agree as follows, anything to
the contrary notwithstanding:

 

		(a)	The term of this Lease shall be equal to or longer than the term of the said SBA Loan;

 

		(b)	Lessor and Lessee hereby assign, set over, and transfer to the Small Business Administration and Mountain West Small Business
Finance all of their right, title, and interest in and to this Lease, as security for said SBA Loan; and

 

		(c)	Lessor and Lessee hereby agree to maintain exactly the present ownership (both identity of owners
and percent of ownership) during the entire term of said SBA Loan except for ownership changes of up to 5 per cent beginning six
months after the SBA 504 Loan closes.

 

    	Page 2 of 4

    	 

    

 

13.         No
Other Agreements. This agreement supercedes and replaces any find all previous lease agreements between the parties; and
said previous lease agreements are hereby canceled by the mutual consent of the parties.

 

This Lease is executed and effective May
25,2012.

 

	LESSOR:	 
	 	 
	METER PROPERTIES, SERIES LLC	 
	 	 
	/s/ Annette D. Meier	 
	By: Annette D. Meier, Manager 	 
	 	 
	LESSEE:	 
	 	 
	SUPERIOR AUTO BODY AND PAINT, LLC	 
	 	 
	 	 
	By: Justin R. Vincent, Manager	 

 

    	Page 3 of 4

    	 

    

 

LEASE NOTARY PAGE

 

	STATE OF Utah	)
	 	:ss.
	COUNTY OF Uintah	)

 

The foregoing instrument was acknowledged before we this 28th
day of May 2012 by Annette D. Meier, Manager.

 

	MEIER PROPERTIES SERIES LLC	    
	[ILLEGIBLE]
	Notary public

 

	STATE OF Utah	)
	 	:ss.
	COUNTY OF Uintah	)

 

The foregoing instrument was acknowledged
before me this _________________ by Justin R. Vincent. Manager.

 

	SUPERIOR AUTO BODY AND PAINT, LLC	 
	 	 
	 	 
	Notary Public	 

 

    	Page 4 of 4

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