Spray it down with a cleaner of some kind to get all of the old grease and build up off of the top of that pivot point, then use a good penetrating oil(I like PB BLASTER myself, available at most any auto parts store butaerocroll is another REALLY good one) to spray in there to try and loosen some of the rust. Then put a grease fitting in near the top like STEPLIFT20 said so you can force the grease directly through the bushing that is tight. This may not work, but at the price difference it should be worth trying.
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2011 SUNDANCE B20CCR SKIFF, 2011 YAMAHA 90HP 4 STROKE, 2011 KARAVAN SINGLE AXLE ALUMINUM TRAILER, LOWRANCE ELITE-7 HDI, MINN KOTA RIPTIDE TROLLING MOTOR
2000CC HYDRA-SPORT 225+HP EVINRUDE SOLD 
AND THE PINK JEEP!!!! R.I.P.
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