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Second Amendment Dated September 28, 2007 To Deed of Trust, Assignment of Rents

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Exhibit 10.16

This Instrument Was Prepared By

And Upon Recording Return To:

Patricia Snyder

Womble Carlyle Sandridge & Rice, PLLC 301 South College Street, Suite 3500

Charlotte, NC 28202-6037 SECOND AMENDMENT TO DEED OF TRUST, ASSIGNMENT OF

RENTS, SECURITY AGREEMENT, AND FINANCING STATEMENT

NORTH CAROLINA, BEAUFORT COUNTY THIS SECOND AMENDMENT TO DEED OF TRUST, ASSIGNMENT OF RENTS, SECURITY AGREEMENT, AND FINANCING STATEMENT (this " Amendment" ) is made and entered into this 28 th day of September, 2007 by and among FOUNTAIN POWERBOATS, INC. , a North Carolina corporation, whose address is 1653 Wichard' s Beach Road, Washington, North Carolina 27889 (hereinafter called " Grantor" ), EDMUND HAWES, a resident of North Carolina, whose address is 6805 Morrison Boulevard, Suite 100, Charlotte, North Carolina 28211 (hereinafter called " Trustee" ), and REGIONS BANK , an Alabama chartered bank, whose address is 6805 Morrison Boulevard, Suite 100, Charlotte, North Carolina 28211 (hereinafter called " Beneficiary" ).

RECITALS: A. Grantor and Beneficiary are parties to (i) a Loan Agreement (the " Term Loan Agreement" ), dated as of September 19, 2005, pursuant to which Beneficiary made available to Grantor a term loan in the principal amount of $16,500,000, and (ii) a Loan Agreement (the " Credit Line Agreement" ), dated as of

July 12, 2006, pursuant to which Beneficiary made available to Grantor a non-revolving line of credit in the maximum principal amount of $5,000,000. The Beneficiary' s obligations under each of the Term Loan Agreement and Credit Line Agreement are secured by, among other things, a Deed of Trust, Assignment of Rents, Security Agreement and Financing Statement dated as of September 19, 2005, from Grantor to Trustee, recorded on September 19, 2005, in Book 1477, Page 854, in the office of the Beaufort County Register of Deeds, as amended by that certain First Amendment to Deed of Trust, Assignment of Rents, Security Agreement and Financing Statement dated as of July 12, 2006, among Grantor, Trustee and Beneficiary, recorded on July 13, 2006, in Book 1532, Page 683, in the office of the Beaufort County Register of Deeds (as further amended by this Amendment, and hereafter amended, modified, restated, supplemented, extended or renewed from time to time, the " Deed of Trust" ). Except as otherwise provided herein, capitalized terms used herein without definition shall have the meanings ascribed to them in the Deed of Trust.

B. Powerboats has paid in full all obligations to Bank under the Credit Line Agreement, and the Credit Line Agreement has been terminated.

C. Fountain Dealers' Factory Super Store, Inc., a North Carolina corporation (the " Affiliate" ), has requested a revolving line of credit from Beneficiary to finance its inventory of new and used vessels, watercraft, boats and boat motors. Pursuant to the Affiliate' s request, Grantor, Beneficiary, the Affiliate, and the Parent have entered into a Dealer Floor Plan and Security Agreement, dated of even date herewith (the " Floor Plan Agreement" ), pursuant to which Beneficiary made availa
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