Where would the decryption take place (i.e. what do you mean by "read")?
I assume you mean that decryption happens on the server and you provide the server with the password each time you need to access something. In that case the server provider has your data the instant you submit the password to the server. The password will exist at least in server memory, and your unencrypted files will also exist at least in server memory.
The only way to guard against a malicious server (whether intentional or compromised) is to encrypt files on the client and provide only encrypted blobs to the server.