"No exceptions allowed” made it difficult for me to find anything but a few "close but no cigars." I limited my searches to shotguns that are actually for sale that I found on the Internet. I was stumped, but some of these close matches might just help someone in the market for a 16 gauge that is close to what you are looking for. As others have suggested it appears the ejectors are going to make it hard to find, but even if the inquiry allowed extractors, I had difficulty finding anything because of the POW grip, 26” barrels and choke requirements.

I was curious because the shotgun you described has characteristics similar to an extractor shotgun I purchased earlier in the week for $300 and is presently at the gunsmith for a new firing pin. My shotgun is a 16 gauge, 26 ½” barrels, Mod/Full and POW grip. I can see why you asked the question as I found my 26 ½” 16ga with the POW grip to be a delightful handling shotgun. I will likely leave the chokes as they are on mine, because I found the shotgun was nicely (not overly tight) choked.

In new shotguns, the CZ Bobwhite (straight stock) and Ringneck (pistol grip) miss the mark because of the POW requirement.

http://4thehunt.com/Auction/ViewItem.asp?Item=64294774

As did a dandy little Rota 16ga-for reason of just about everything else save it is a 16ga SxS:

http://www.cabelas.com/cabelas/en/conten...p;cm_ite=netcon

Far closer to what you are looking for are a couple of guns in auction (with prices and reserves unknown for the moment):

Noble with IC/C (otherwise very much what you describe, 16ga, POW grip and 26" barrels), very likely to sell within your budget:

http://4thehunt.com/Auction/ViewItem.asp?Item=64308681

Ithaca 16 with 26" barrels, POW grip choked M/IM:

http://4thehunt.com/Auction/ViewItem.asp?Item=64483165