One of the things that we always do when aquiring a new (or used) motorcycle is pull the steering head and suspension bearings and apply a good coat of high quality waterproof grease.
Or, as in this case, replace all the bearings and then apply a good coat of high quality waterproof grease.
The pits in the steering head bearings were bad enough that the steering felt "notchy."
A full teardown revealed the extent of the damage.