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There is a reason that motors should not be mounted with lag bolts.
I think you just found out why.

Drill the "Green" holes in this diagram and raise your motor up to the proper height.
http://www.whalercentral.com/articles...icle_id=82

Fill in your old stripped out lag bolts holes and move up to the 21st Century.

Just for your information. Your Montauk is 16 feet 7 inches in length and called a Montauk 17.
http://www.whalercentral.com/userphot...lbum_id=14