Don't know about the oil coming out of the vent. Never seen that. The lift leaking down is most likely the O-ring for the lift piston. It's located behind the control valve under the seat. The control vale has 5 studs and has to be removed to get to the piston. There is a linkage from the 3 pt. lift control lever that goes through a hole inside the tractor. That has to be disconnected also. Remove the seat and standing behind the tractor you'll see a hex head cap on the right side. Take the cap off and inside you'll see the linkage with a pin and cotter pin. May have to work the lift lever up and down to get that out after removing the nuts for the control valve. Once the control valve is removed you'll see a brass retainer for a large O-ring and the O-ring inside it. It may fall out when you remove the valve. I just replaced this on my 2610 back in June. I had to have 2 sets of hands to get the new O-ring and brass retainer in. It's about 4" dia. If you pull the valve off you might as well upgrade the relief that's pointed down under the valve. New O-rings and an upgraded copper washer takes care of that. I lost part of that relief and it went into a port of the valve. I got it out after removing another cap. To put this back in or to take it out it's best to secure the control valve in a vice with the relief to the bottom. That way you won't drop any parts in the valve like I did. Once I got this all back together the lift worked but was jumping with the engine running. There is a speed adj. for the lift (little lever on the control valve. I removed the small lever and started jumping teeth on it to stop the lift arms from jumping. If the lifts jumps and most do after a rebuild you may have to take some time to get this adjusted. Just get it so it doesn't jump with the lever turned to slow or fast and anywhere between. The lift piston O-ring looked like a mouse had chewed it. Of course there's no way a mouse can get in there but it sure was pitted up bad right at the bottom side. What kind of oil do you use for your hydraulics?
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