The storm, packing sustained winds of up to 170 kilometers per hour at the time, triggered alarm in Nicaragua, El Salvador and Costa Rica but there were no immediate reports of any casualties.
Nicaragua was caught in the middle of both events, as the hurricane plowed into its Caribbean coast while the 7.0 quake occurred in the Pacific Ocean, off its other coast.
Nicaraguan President Daniel Ortega declared a national emergency to handle both potential disasters.
El Salvador ordered residents along its Pacific shore to move inland. But it and Nicaragua soon lifted tsunami alerts they had issued as a precaution.
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By nightfall, Otto had weakened to a tropical storm over northwest Costa Rica, and the National Hurricane Center said in its latest update that "the center should emerge into the eastern Pacific in the next few hours."
The Miami-based NHC said Otto's maximum sustained winds had slowed to 70 miles (110 kilometers) per hour.
The other five people died through acts of negligence or risky behavior, such as not following authorities' warnings, he said.
Otto's projected path was through sparsely inhabited rural areas in southern Nicaragua and northern Costa Rica.
Satellite images showed Bluefields, Nicaragua's main Caribbean city, bearing the brunt of the hurricane, but there was almost no wind or rain.
An AFP journalist there said there was even some sunshine.
In San Juan de Nicaragua further south, the town closest to where Otto made landfall, there were reports of strong wind and rain, with fallen trees and electrical cables, and roofs torn off -- but no deaths or injuries.
Neighboring Costa Rica, which had been fearing its first direct hit from a hurricane since records began in 1851, also showed little damage.
The government had declared a national emergency, closed schools, sent non-essential workers home for Thursday and Friday, and evacuated around 4,000 people from its Caribbean coast.
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