The academy defaulted this fall on $11.1 million in loans from Union National Community Bank.
As part of the agreement, the bank has canceled a sheriff's sale of the property, forgiven the loans and rented the $32 million building back to the academy for one year.
Its financial troubles surfaced in June, as the recession cut donations and investment just months after the new building opened.
The facility was designed by the New York City architectural firm of Alan Ritchie and the late Philip Johnson, renowned for buildings such as Lincoln Center.
There are about 340 students and about 40 staff and faculty.
Information from: Lancaster New Era, http://www.lancasteronline.com