water coming out between coils

[raggedy4]

I just bought a used motor Mercury 40HP, 402. I don't know anything about outboard motors.
When I start it water will start out the weep hole, then it starts shooting water out of a little hole in a plate on top of engine between the rear coils. What is happening and how can I fix it, any help would be greatly appreciated, thanks

[boats.net]

Either have a broke gasket or hole in cover, replace parts that are bad.