The borough contends the house continues to operate as if it were a fraternity in violation of the zoning code.
Bell's team said it's targeting "a September date" for the rescheduled shows.
Ultimately, charges related to hazing, alcohol and drugs, failure to comply with COVID-19-related "expectations," and university regulations prompted the suspension, according to Penn State.
Lundy is the sixth Nittany Lion to reportedly enter the transfer portal Tuesday.
The senior captain led the Nittany Lions offensively with 22 points in 22 games this season.
Notably, early enrollee quarterback Christian Veilleux will don No. 9.