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I suspect the crankset or bottom bracket. It can have the illusion of tightness when not moving, but "clunk" everytime you pres on the pedals. I would first make sure that the cranks are tight on the bottom bracket axle. This will require a metric wrench.
I have done a tremendous amount of research on this problem. New Balance (Fitness Quest) is out of business as of late 2012 and no parts are available. The main bearing or crank bearing set is 100% compatible with Proform part number 295560. Since New Balance put their name on this product, they have stated they will reimburse customers for the repairs.
Take the bike into you local bike shop to have properly diagnosed. This one has too many variables to guess and if something is broken or even just misaligned it could cause a problem that will result in serious injury. Your local bike shop will be able to help you best on this one, as someone really needs to see and hear the problem.