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What does this nipple grease?

1stboat

Regular Contributor
I was doing my yearly spring maintenance and noticed a nipple that I've never greased. Its close to the steering arm behind the engine. I took a picture so you can see what I'm talking about.
 
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It greases the pivot on the steering fork... Needs a waterproof grease at least annually.
If/when this bearing seizes, repair of it results in great amusement and entertainment (for onlookers) :) .
 
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