By definition, when buying a condo, you are buying the interior walls and floorspace. The building and land are owned by the association. There can be other "common" areas that are part of the association too such as a gym, underground parking, etc you never really own anything with a condo. You buy "rights".
It is kind of an AND. You'll need 800k in account to get your first year extension. You can start to show the 65k/month over that year. But you have to have 12 months of 65k and every month following. Miss a month and your start all over