I have no idea on the basis of condensation. It could simply be condensation from the AC compressor or something else making its way down there.
If there is an exhaust leak I have a feeling you will be able to hear the tic, tic, tic. I always found it useful to take a few feet of an old garden hose and put one end next to the suspected leak and the other next to my ear. You will know very quickly if you have an exhaust leak.