Consequences of Failure by borrnwcr to comply wirh an order madc or lo furnish infornlation required under sec~ion 8

If the borrower fails without reasonable cause-

(i) to comply with any order madk Or to furnish information required under sectton 8, or 'K":

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(ii) if thc Controlling ~uthorit~,,after inspection provided for in sectiofi '8 or otherwise, is satisfied that the money lent is qot being applied to Ihe purpose or purposesJfor which i r was lenr or rhat,any condition on which it was granted is not being duly fulfilled, rhe Controlling Authority may dcclare, notwithstanding anything con~ained in the bond executed by the boffower, that' the loan shall be immediately recoverable and shall give nbtice of such declaration to the borrower.