‘Axe’ ending (second phone conversation)
The woman’s words give you a clue as to what to do next in your third cycle. “Memories hold the truth” suggests that you might be able to do something in the VHS segment of the game. Once you wake up in the third cycle, activate the fireplace switch and grab the fuse. Put the fuse into the box, but do not go up to the attic yet. Instead, follow the main path and grab the VHS tape.
When you’re in the VHS segment, look for a lockpick lying on the ground in between the refrigerator and the cabinet in the kitchen. This will allow you to open the locked drawer in the kitchen. It will be empty now, so just follow Pete and Andre to the end of the VHS segment. Once you’re back in the ‘present,’ don’t grab the backdoor key just yet. Go to the kitchen and open the drawer you unlocked, and you’ll find an axe. Now, go upstairs, press the switch, and go up to the attic. The phone should ring again.
This time, the woman will say: “You have the power to choose. But the outcome of that choice may not be what you expect.” Try to leave the room, and the family man will attack you, triggering the end of the demo.