Goddamn it...
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there is the quick way and there is the right way. If you need to hit the road now. clean up the old sealant with methyl alcohol and apply a layer of self leveling dicor lap sealant over the old seal.How would you fix that?
If you have time remove the old lap sealant with a plastic putty knife,clean up with methyl alcohol dig out any rot and apply a layer of self leveling dicor lap sealant over where the old seal was. if there are any large gaps to fill you may use butyl putty to fill them before applying the dicor