Like @martineau suggested you need a delimiter for separate different paragraphs.
This can even be a new line character (\n) and after you have it you read all content of the file and split it by the defined delimiter.
Doing so you generate a list of elements with each one being a paragraph.
Some example code:
delimiter = "\n"
with open("paragraphs.txt", "r") as paragraphs_file:
all_content = paragraphs_file.read() #reading all the content in one step
#using the string methods we split it
paragraphs = all_content.split(delimiter)
This approach has some drawbacks like the fact that read all the content and if the file is big you fill the memory with thing that you don't need now, at the moment of the story.
Looking at your text example and knowing that you will continuously print the retrieved text, reading one line a time could be a better solution:
with open("paragraphs.txt", "r") as paragraphs_file:
for paragraph in paragraphs_file: #one line until the end of file
if paragraph != "\n":
print(paragraph)
Obviously add some logic control where you need it.