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A key fob is an item which is needed to unlock a door during the encounter at Clearbone Valley. It can be obtained by looting either King Elias or Queen Liza (whichever of the two NPCs appears on the map following the events at Saginaw.) It is not necessary to kill the (active) NPC, but he/she must be unconscious for the loot option to appear during a combat/talk encounter.
This item, location or encounter is not available in the demo version of the game