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Third Amendment Dated November 16, 2007 To Deed of Trust, Assignment of Rents

This is an actual contract by Fountain Powerboat Industries.

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Sectors: Automotive and Transport Equipment
Governing Law: North Carolina, View North Carolina State Laws
Effective Date: November 16, 2007
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Exhibit 10.17

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 THIRD AMENDMENT TO DEED OF TRUST, ASSIGNMENT OF RENTS,

SECURITY AGREEMENT, AND FINANCING STATEMENT

NORTH CAROLINA, BEAUFORT COUNTY THIS THIRD AMENDMENT TO DEED OF TRUST, ASSIGNMENT OF RENTS, SECURITY AGREEMENT, AND FINANCING STATEMENT (this " Amendment" ) is made and entered into this 16th day of November, 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 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. The Beneficiary' s obligations under the Term Loan 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 and that certain Second Amendment to Deed of Trust, Assignment of Rents, Security Agreement and Financing Statement dated as of September 28, 2007, among Grantor, Trustee and Beneficiary, recorded on October 1, 2007, in Book 1609, Page 406, 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. Grantor has requested that the credit facilities provided by the Beneficiary pursuant to the Loan Agreement be amended pursuant to a First Amended and Restated Loan Agreement, dated of even date herewith (as amended, modified, restated or supplemented from time to time, the " Amended Loan Agreement" ), by and among Grantor, Beneficiary, Fountain Powerboat Industries, Inc., a Nevada corporation (the " Parent" ), and Fountain Dealers' Factory Super Store, Inc., a North Carolina corporation (the " Affiliate" ), pursuant to which Beneficiary makes available to Grantor (i) a term loan in the principal amount of $14,500,000 and (ii) a revolving line of credit in the maximum principal amount of $2,000,000 ((i) and (ii) collectively, the " Amended Loan" ).

C. Grantor, Benefi
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