It sounds like scrapping, sticking or scrathcing is going on in the valve area, not good. what could this be?

sometimes?
always?
hot?
cold?
other symptoms?

Pop your valve cover and check valve clearance. check cam lobes for signs of the surface hardening wearing off ( places where the shiny hard surface on the lobe has worn through to cast material.look carefully for any filings or pieces floating around. look carefully around the cam journals for wear signs especially at the front an rear ( in case somebody installed belts without a tension gauge , the end journals can take a beating)

check the vacuum pump rod and pump function ( you brake pedal hasn't been getting hard, has it?)

Pop the front belt cover and make sure the cam gear isn't trying to come loose,also check the back pump gear.

Any way you could record the sound and email it?
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-------Robert, '93 940t, '90 240 wagon, '84 240 diesel (she's sick) , '80 245 diesel

The sound can be best heard from the sides of the car if istand behind each of the front 2 doors.....it sounds like a fan randomly scrapping something or a person going 'ch..ch..ch...chchchc..ch ..ch...' when i pop the hood the sound is more of a scrathcing 'ch' from under the valve cover area....it seems loudest when idleing....of course maybe i just cant hear it when driving....you said 'do my brakes feel hard'....i thought about that and then i recalled thinking that i noticed they seemed hard a few times this week...interesting...but the noise is constant while the brake hardness is occasional.

Also, does that thing have a manual transmission, or an automatic?
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-------Robert, '93 940t, '90 240 wagon, '84 240 diesel (she's sick) , '80 245 diesel