 Lake Killarney residents have exclusive lake rights to an spring fed lake.The Lake Killarney Home Owners Association was incorporated March 15, 1962, and is the sole owner of the "Common Properties" known as Lake Killarney (the lake itself), its two beaches, parkland areas, along with various sections of property surrounding the lake.Lake Killarney is a glacial lake located in McHenry County, northwest of Cary.