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Lil Zay Osama is outta jail for the not-so-low low price of $350,000 ... marking his first taste of freedom since NYPD arrested him on October 1 for allegedly leaving much more than a tip for an Uber drive.

NYPD sources tell TMZ Hip Hop that Lil Zay got sprung Saturday after posting his 6-figure bail, but with several conditions ... including remaining on home confinement and avoiding contact with any witnesses.

We're told Lil Zay also must undergo screening for illicit substances.

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